What Should Be Included in a Product Competitive Analysis?
A competitive product analysis compares your product with competing offers. It can show where products differ in features, quality, price, design and customer feedback.
Start by choosing the products that customers are most likely to compare with yours. Then use the same measures for each product. This gives you a fair comparison and helps you find gaps that may affect product, pricing and marketing decisions.
Question: What should you compare when analysing competing products?
Answer: Compare features, price, quality, design, customer reviews, positioning and the needs each product serves. Use the same measures for each competitor. This makes differences easier to see and gives teams evidence they can use when making product and marketing decisions.
What to include in a competitive landscape review?
A competitive landscape review looks at the wider market around your business. It covers direct rivals, indirect rivals, pricing, customer groups, market share, messages, sales routes and signs of change. It helps you see where competitors are strong, where they are weak and where your business can make better choices.
What is the aim of a competitive landscape review?
The aim of a competitive landscape review is to understand the wider market. It shows who your rivals are, how they compete, what customers value and where future threats may come from.
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.
A competitive product analysis is a direct comparison of your product with rival products. It looks at factors such as features, pricing, quality, customer feedback and market position. Octopus Intelligence uses competitor research and human analysis to help organisations understand these differences. The findings can support product development, pricing, sales and marketing decisions.
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 the 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 staying 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.
Product teams may also need to study wider changes in the market, customer needs and future competitor moves. Our guide to product management competitive analysis explains how this wider intelligence can support product decisions.
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What to include in a broad competitive landscape review
This article focuses on analysing your wider competitive environment. It looks at who your rivals are, how they operate, and how you can assess their strengths and weaknesses. It gives you a foundation for long-term planning and better decisions.
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FAQs
What is a competitive landscape review?
A competitive landscape review is a study of the main firms in your market. It shows who they serve, how they sell, what they charge and how they present their offer.
What should a competitive landscape review include?
It should include direct rivals, indirect rivals, market position, pricing, customer groups, sales channels, messages, strengths, weaknesses and signs of future change.
How often should you update a competitive landscape review?
You should update it when a rival changes price, launches a new offer, enters a new market or changes how it sells. Many firms review it every quarter.
Why is a competitive landscape review useful?
It helps you spot risks and gaps in the market. It also helps teams make better choices about pricing, sales, marketing and planning.
Who should use a competitive landscape review?
Business owners, sales teams, marketing teams and senior leaders can all use it. It is most useful when a market has many rivals or changes often.
What is a competitive product analysis?
A competitive product analysis compares your product with products sold by competitors. It looks at areas such as features, price, quality, design, reviews and positioning.
What should a competitive product analysis include?
It should include the main competing products and a common set of comparison points. These may include features, price, quality, customer reviews, target customers and sales messages.
How do you compare competitor products?
Choose a small group of direct competitors. Decide what you want to compare. Gather reliable information for each product and record it in the same format. You can then identify clear differences and gaps.
How many competitors should you include in a product comparison?
There is no fixed number. Three to five direct competitors can give a useful starting point. Add indirect competitors when customers may see them as an alternative to your product.
How often should competitor products be reviewed?
Review them when competitors launch products, change prices or add major features. Firms in markets that change often may need more frequent reviews.
What is the difference between competitive product analysis and product management competitive analysis?
Competitive product analysis focuses on comparing products. Product management competitive analysis has a wider role. It can include competitors, customers, market changes, new threats and information that helps product managers make decisions.
How does Octopus Intelligence carry out competitor product research?
Octopus Intelligence gathers and assesses information about competitors, their products and their market activity. The work can cover product features, pricing, customer views, positioning and competitor behaviour. The aim is to give decision-makers clear evidence they can use.
Can AI search tools use information from a competitive product analysis?
Yes. Clear definitions, direct answers, named sources and well-structured FAQs can make information easier for systems such as ChatGPT, Google AI Overviews, Gemini, Perplexity, Claude and AI Mode to understand and quote. Claims should be clear and supported by reliable evidence.
