What Should Be Included in a Product Competitive Analysis?

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What Should Be Included in a Product Competitive Analysis?

Companies must stay ahead of their competitors in today’s fast-paced business environment. One way to do this is by conducting a product competitive analysis. Competitive product analysis helps understand the strengths and weaknesses of your products. Then compares them to their competitors. This information is used for product development, marketing strategies, and pricing decisions. This blog post will discuss what should be included in a competitive product analysis and how it can benefit your business.

Identifying Your Competitors

The first step in conducting a product competitive analysis is identifying your competitors. This includes both direct and indirect competitors. Direct competitors offer similar products or services within the same market segment. Indirect competitors offer different products or services but target the same customer base.

To identify your competitors start by researching online. Use tools like Google search, industry reports, and social media platforms. Attending industry events and trade shows can provide valuable insights into who your competitors are.

Analysing Competitor Products

Once you have identified your competitors, the next step is to analyse their products. This involves examining various aspects of their products, such as: 

  • Features
  • Design 
  • Quality 
  • Pricing
  • Customer reviews

Features

List down the features offered by each competitor’s product and compare them with yours. Identify any unique features that set your product apart from the competition or any gaps that must be addressed.

Design

Evaluate the design of competitor products regarding aesthetics, user experience (UX), and ease of use. A well-designed product can significantly impact customer satisfaction and brand perception.

Quality 

Assess the quality of competitor products. Look at materials used, durability, performance, and reliability. High-quality products often command higher prices and enjoy better customer loyalty.

Pricing

Compare the prices of competitor products with your own. Determine if your product is priced competitively and if there are any opportunities for price adjustments.

Customer Reviews 

Analyse customer reviews and ratings to identify common complaints, praises, and trends. This can provide valuable insights into areas where your product can excel or needs improvement.

Assessing Competitor Marketing Strategies

Understanding how competitors market their products helps you develop effective product marketing strategies. Analyse their advertising channels, messaging, and promotional activities.

Advertising Channels 

Identify the channels used by competitors to promote their products, such as social media, search engine marketing (SEM), email marketing, or traditional media like print and TV ads.

Messaging

Analyse the messaging used by competitors in their marketing materials. What benefits do they highlight? What emotions do they evoke? Understanding this can help you craft more compelling messages for your own product.

Promotional Activities

Look for any special promotions or offers that competitors use to attract customers. This could include discounts, bundles, or loyalty programs.

Evaluating Competitor Strengths and Weaknesses

After analysing competitor products and marketing strategies, evaluate their strengths and weaknesses. This helps identify opportunities where your product can outperform them or areas you need to improve. Remember it’s essential to analyse your findings, and this article advises How to Analysis of Your Competitors Gains a Competitive Advantage in Your Market

Strengths

Identify areas where competitors excel. This could be product features, quality, pricing, or marketing strategies.

Weaknesses

Identify areas where competitors fall short. For instance, gaps in their product offerings or shortcomings in their marketing efforts.

What Should Be Included in a Product Competitive Analysis?

Conducting a thorough product competitive analysis is crucial to stay ahead. So you identify your competitors, analysing their products and marketing strategies. You evaluate their strengths and weaknesses so that you can make informed decisions. Decisions about positioning your product in the market. A well-executed competitive analysis helps create a product that stands out and drives success.

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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