Regardless of how much work you put into your product, you must continue to improve your products and services once they have been created. As there is always the possibility that your competitor will have a better offering.
Any market or niche can have hundreds of competitors, making it difficult for any business to comprehend what they are doing or not doing. In this blog post, we'll go through the ultimate method of conducting a competitor analysis for a product in the most efficient manner possible.
This ultimate guide to conducting the competitor analysis for a product is tried & tested by the best SEO agency in Sydney. The company followed the same guide to analyze the competition & draft Content Marketing Strategies for a number of small & big businesses to improve the product quality & meet market demands.
The first is to understand your competitors.
Who are they?
What are they offering?
What are their strengths and weaknesses?
Competitive analysis is a technique that helps you find ways to perform better than your competitors. Of course, the benefits from conducting such an analysis go deeper than that.
Competitive analysis has been proven to develop marketing plans, discover new customer demographics as well as increase sales, improve overall advertising relevance to clients' needs & establish a benchmark.
The second thing to look at is the market.
What is the size of the market?
Who is your target audience?
What needs does your target audience have that your product can address?
What are the trends in the market?
Understanding the market will help you to understand how to best reach your target audience.
The third thing to look at is your own product.
What are your product's strengths and weaknesses?
How does your product compare to your competitors?
What unique selling points does your product have?
Answering these questions will help you to understand what you need to do to make your product successful.
Here I’m attaching a HubSpot competitive analysis template, where you can include details about your competitors such as:
Name of competitor
Basic information: address, number of employees, year of establishment, annual income, and number of customers
Important items
Model of pricing
Their distinct selling point
Media coverage by competitors
Strengths of competitors and how your brand might overcome them
Competitor weaknesses and customer case studies that will help you close sales
Competitor analysis is essential for any new product launch or the existing products. By taking the time to understand your competition and your market, you can give your product the best chance for success.
What do you think about competitor analysis?
Do you ever analyze your competitions?
Let me know your thoughts in the comments section
