In-depth competitor analysis
Posted: Tue Jan 28, 2025 4:17 am
The more you learn about your competitors’ product marketing, the easier it will be to gain an edge. Start by analyzing your direct competition, then move on to those who offer alternative solutions. Start with the consumer problem that your product/service helps solve ; your closest rivals may be in a different category and offer something less innovative, but they interact well with the public and pose a real threat to you.
We recommend that you do two main jobs at this stage.
Do a product search
Answer the main "whys" behind the product:
Why do people in general need it?
Why do people buy it from this particular company? (the answer can be business owner database can help anything from price to design)
Why do you think you can compete with those who are already present on the market?
One way to get inside the head of a competitor's customer is to become a customer yourself . At least for a trial period. This way, you will get the most practical information:
Product/service features.
How much does it cost.
How easy it is to navigate the customer journey - from discovering the company to transforming the user into a customer.
How easy is the product/service to use.
How easy is it to get support or contact the company.
How customer interaction is handled: You may be subscribed to the company's newsletter and get a glimpse of their communication style.
How effectively the company solves the problem.
How it could improve (and if it shows any potential for improvement).
Finally, write down for each point why you would be better than your competitor - or simply different; in some markets, changing your offering just a little is enough to succeed.
We recommend that you do two main jobs at this stage.
Do a product search
Answer the main "whys" behind the product:
Why do people in general need it?
Why do people buy it from this particular company? (the answer can be business owner database can help anything from price to design)
Why do you think you can compete with those who are already present on the market?
One way to get inside the head of a competitor's customer is to become a customer yourself . At least for a trial period. This way, you will get the most practical information:
Product/service features.
How much does it cost.
How easy it is to navigate the customer journey - from discovering the company to transforming the user into a customer.
How easy is the product/service to use.
How easy is it to get support or contact the company.
How customer interaction is handled: You may be subscribed to the company's newsletter and get a glimpse of their communication style.
How effectively the company solves the problem.
How it could improve (and if it shows any potential for improvement).
Finally, write down for each point why you would be better than your competitor - or simply different; in some markets, changing your offering just a little is enough to succeed.