1. Identify your competitors:
To conduct a thorough product competitive analysis, you need to identify who you are competing with. So start by dividing your competitors into categories of direct and indirect competition.
Direct competitors should include businesses with similar offerings that also target the same geographical area as yours.
Indirect competitors include businesses that cater to the same audience but not with similar products. Their products, though not the same as yours, can help customers solve their problems.
In your strategy to conduct competitive analysis, you should also look into indirect competitors. This way, you can keep track of any shift in the market. That is, even if your indirect competitors are not offering the same products as yours, they might just do it one day.
Constantly scoping out your direct and indirect competitors can help you discover what markets you can expand to while tracking potential changes in your target market.
2. Investigate competitors’ products in detail:
There are multiple brands offering the same products. For example, you can name three big brands offering sportswear. However, each of these brands has something unique to offer.
Analyzing competitors’ products in detail will help you identify their USPs and determine what yours should be. Use competitive product analysis to learn about the features, designs, and other intricate details of competitive products.
While you won’t replicate their products’ every single aspect, the knowledge will help you identify what feature makes the product famous among the customers. It will also allow you to learn how the competitors are utilizing the features to make their products stand out.
3. Learn how your competitors market their products:
There are various factors influencing the success of a product, marketing being one of those. Analyze how your competitors have been marketing their products to drive the demand for their products.
→ Do they post videos?
→ Do they write articles about it?
→ Are they marketing it in podcasts?
→ Are there any press releases?
→ What offline methods are they using to run marketing campaigns?
Use survey software to conduct polls or surveys to determine which marketing channels or ideas your customers like. This will give you an idea of which platforms or channels your customers use the most and would prefer to receive your marketing campaigns.
4. Analyze customer engagement on your competitors’ products:
How does your competitors’ target audience respond to their products and marketing? Learn about the positive, negative, or mixed sentiment of their target audience to understand which marketing tactics are working.
You can also analyze competitors’ marketing campaigns by asking your customers to share their thoughts on them. This will allow you to identify what your customers prefer and what attracts them the most.
5. Gather customer feedback:
The best way to gather knowledge about your competitors is to engage with their customers. Gather firsthand data from their current customers to understand what value the competitor and its products offer that made customers choose them.
You can learn directly from the customers the strengths and USPs of your competitors that make them well-loved among customers. Using product survey insights, you can identify where you lack and what more you can offer.
Use robust product experience software to reach your audience globally in their preferred channel. Leverage online survey tools, CATI surveys, and offline survey tools to conduct surveys in real time.