Product reviews and analysis can be a perfect match for product competitor analysis
Competition is indeed a great source of data. Rather than viewing them as a threat, they can be viewed as an opportunity to get valuable insights. As an entrepreneur, you will not want to miss out on any opportunities to grow your business. That’s why product reviews and competitor analysis can be a perfect match.
Competitor analysis is not just doing a SWOT
It should be noted that competitor analysis or competitive research is different from just doing a SWOT analysis. Competitor analysis is broader and goes much deeper than a SWOT analysis. It is a complete process of gathering and understanding information about your competitors’ products to evaluate their strengths and weaknesses. It offers a vast understanding of your competitor’s product or service offerings, pricing, features, clients, customer ratings, markets they serve, and their social & digital presence. You can enhance your marketing strategies and efforts by analysing current market trends, anticipating actions, and leveraging the data.
The first way for practical competitive product analysis is to check product-related information such as product descriptions, product photography, and customer product reviews on the competitor’s website. This step will help you differentiate your product in terms of quality & features and will create an opportunity for your business to drive more sales.
SEO competitor analysis
With this drift on board, you can create various blog posts to educate your potential customers on the products available and compare your offering to competitors’ products. Analyse social media trends and news and get insightful data to help your business grow. Moreover, SEO competitor analysis is one of the most powerful ways to leverage your competition. Use professional SEO tools to find out trending keywords to improve your brand exposure. Find out the websites that link to your competition and reach out to those same publications to link to your own.
What is Competitive analysis?
Competitive analysis determines the attractiveness, customers, competitors and the dynamics of a particular market within a specific industry sector. Develops an understanding of the relationship between supply and demand, strengths, weaknesses, opportunities and threats for your product or service to enable you to make more informed decisions about potential marketing strategies.
Five stars
At the same time, work on getting positive reviews and ratings to increase brand visibility. Five-star reviews on a business website or social media page are the ultimate way to increase their product value. Engage and communicate with customers and improve customer experience to receive great reviews. The more reviews a product gets, the higher it’ll appear on a search engine listing, thereby helping more potential customers reach your product. This factor will not only drive sales but will also keep the brand value in the long run. But Can Competitive Intelligence disappoint the reader? Here are five reasons
Monitor negative reviews
It is also essential to track and respond to customer dissatisfaction. Monitoring and analysing the negative reviews will bring your customer experience to a whole new extent. Customers who feel heard and listened to usually tend to develop a strong loyalty to your brand, eventually becoming repeat buyers and valuable brand ambassadors. Furthermore, product innovation is necessary to stay ahead of your competition and boost brand growth. Innovative brands create an image of expertise, which is why they attract most customers towards them. Here is another article of interest. How Competitive Intelligence Can Learn From Soviet Era Cold War Exercises.
Product reviews and analysis can be a perfect match for product competitor analysis
To conclude, it is worth mentioning that competitor analysis plays a significant role in setting your business apart from the competition in the market by giving an array of valuable insights. And knowing what customers think of a solution is why product reviews and competitor analysis can be a perfect match.
Guest article by Suchita Gupta.
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