When Sun Tzu wrote, “Know your enemy and know yourself, and you need not fear the outcome of a hundred battles,” he hit the nail on the head. Additionally, even though we no longer engage in open combat with rivals in the market, it is still crucial to understand what they are doing.
Top 10 Products That Killed Competitors
How to conduct a competitor product analysis
Here are the steps to take in order to analyze rival products:
1. Set a goal
Determine your goals by analyzing the products of your competitors. Choose a specific aspect to emphasize or research something about your competitors you’re interested in, like their marketing tactics. You can use a specific goal to direct your analysis and keep yourself focused.
2. Identify your competitors
Think about beginning with a big list of rivals and then whittling it down based on your objectives to find your most crucial ones. Your analysis of your competitors’ products may cover a variety of competitors, including
3. Benchmark your products
Analyze your own products to determine their advantages and disadvantages, and assess them in order to discover information about your rivals. You can modify and further develop the format of your competitor analysis using this information. Create benchmarks for your products’ retention, engagement, and adaptability to compare them to those of your rivals.
4. Begin with your competitors primary product
You may need to analyze several of your competitors’ products, but it’s usually best to concentrate on their standout offering. This is usually the first product they’ve released, and it serves as their primary means of resolving customer problems. It’s also probably their best-selling item. When you determine this product, try to evaluate its:
5. Browse your competitors websites
Review your competitors’ products in-depth to gain a better understanding of the advantages and disadvantages they offer. To learn more about the products’ fundamental features, start with the product pages. Reviewing the messaging and use cases that your rival uses to market the product is crucial as well. By examining the content on their websites and determining how frequently they add new content, you can also determine the content strategy of your competitors.
Think about extending your research to additional sections of their website. Examine the website’s more specialized sections, such as those that feature the products of your rivals or its background. To learn more, look into researching the business and its products on other websites. You can look for content like:
6. Watch videos
To further your research into a product, think about watching a variety of videos about it. Start with the company’s newly released product videos or customer reviews. Consider watching videos that focus on the product’s usability, user experience, and potential problems.
7. Look for reviews
Explore review sites and forums for honest feedback from users. Try to concentrate on product reviews that cover the benefits and drawbacks, features and solutions. Reviews that state the reviewer received the product from the business in exchange for a promise to write a positive review should be avoided because they could contain biased information. To get a more in-depth understanding of the product, see if you can speak with actual users yourself.
8. Evaluate their marketing strategies
Extend your competitor product analysis to consider items other than just their offerings. You can learn more about your competitors’ product presentations and market solutions by analyzing their marketing strategies. You can meet the needs of your customers in the same way by comprehending how they market the usability and efficacy of their products. Try to evaluate aspects of their marketing strategy like:
9. Complete a SWOT analysis
Conduct a SWOT analysis to learn more about your rival’s offerings. Think about performing a SWOT analysis for your products as well, to be used in comparisons. You can better understand how your findings interact with one another by drawing connections between them. The components of a SWOT analysis are:
10. Continue to monitor and analyze
Plan for product changes, and consider how these changes will affect the marketing strategy of your competitors. You can keep tabs on product modifications, competitor product launches, patch updates with bug fixes or enhancements, and new product management hires within a company.
By doing this, you can ensure that your product maintains its competitive advantage by taking proactive measures. In order to maintain your product’s position at the top of the market, it’s also crucial to update your analysis and strategies as necessary and to share pertinent information with stakeholders.
What is a competitor products analysis?
A business tool you can use to assess and contrast your products with those of your competitors is a competitor products analysis. Any goods or brands that are similar to yours that customers might consider as alternatives when making purchases are competitors. Analyzing a variety of factors, including the products’ dependability, functionality, and use cases, is part of the process.
A competitor products analysis has a number of advantages, including:
Competitor product analysis example
Consider the following illustration to help you better comprehend how to conduct a competitor product analysis:
Since many new brands have recently entered the market, Gigamax, a manufacturer of computer graphics cards, wants to conduct a competitor product analysis to better understand its rivals and their offerings. Gigamax tests its products and discovers that the maximum memory size is 24,576 megabytes and the speed is 99. 8 frames per second (FPS). It recognizes STWA and Zextra as its two principal rivals, so it explores both of their websites and those of other companies to learn more about their goods.
Customers of Gigamax’s competitors’ displays don’t meet their expectations, and STWA is using an email campaign to advertise a new card that operates at 102 Hz. 4 FPS. A SWOT analysis of Gigamax’s most recent card reveals that if it can further enhance display performance, it has a chance to gain more market control. It continues to track the marketing strategies of its rivals after making plans for product changes to make sure it maintains the best-performing card on the market.
What are two competing products?
- Coke vs. Pepsi. …
- Marvel Comics vs. DC Comics. …
- McDonald’s vs. Burger King. …
- Ford vs. GM. …
- Dunkin’ Donuts vs. Starbucks. …
- UPS vs. FedEx. …
- Nike vs. Reebok. …
- Airbus vs. Boeing.
What is competitor product analysis?
- Market Research. Look at the market for your product and determine which businesses are selling goods that would be in competition with yours.
- Solicit Customer Feedback. …
- Check Online Communities on Social Media or Community Forums.