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The purpose of competitor analysis is to get better at winning in the market. The way you do it is to gather as much information as can be attained about what competitors are doing. The next step in going about it is to conduct a thorough analysis. This will help you evaluate the gaps and issues that you can take advantage of or do better. Product and capabilities, pricing, positioning, target market, customers, and partners are all part of this analysis.
This helps develop an effective go-to-market (GTM) strategy and holds the potential to turn the competitive advantage in one’s favor. This can help improve the marketing, sales, product development, and roadmap definition processes.
Overall, it is easy to see that competitor analysis not only enhances opportunities for making revenue, but the reduction of strategic risk is an added advantage.
An important point regarding competitor analysis is that data available at analysts’ disposal is abundant. This is primarily over the Internet, the main source of information about your competitors. All competitor mentions can be looked into to find actionable insights about your own work.
Manually, analyzing your competitors is going to be a tough task because of the abundant data available about them online. However, suitable tools designed for competitor analysis make all the difference as they have been created keeping users’ requirements in mind. Prodzen CompeteWiser is one of the remarkable tools that make all the difference to competitor analysis and benefit users at several levels.
The frequency at which competitor analysis is conducted is subject to an organization’s requirements. When using Prodzen CompeteWiser, competitor analysis is no longer a time-consuming task and you may want to take a look at the insights and finer points quickly before making any important business decisions. This ensures that your organization is cognizant of market requirements and is acting accordingly. Sound, data-based decision-making augurs well for an organization’s success.
Competitor analysis for product marketing
When we consider the case of product marketing in particular, for competitor analysis, competitors are first broadly segregated into direct and indirect competitors. Direct competitors are the ones who sell the same or nearly the same products as you do. Similarly, even as indirect competitors may sell products different from your niche, these products meet the same requirements as your products.
Direct competitors are always to be analyzed first. The key reason indirect competitors are analyzed is that even though they are not in your niche market currently, they may choose to enter anytime as they have a reasonable bit of knowledge regarding the industry.
When choosing the product to be considered for competitor analysis, it is best to go with the competitor’s flagship product. This may be their bestseller product, the one that gets the best ratings, the best press reviews, or the one that brings the longest life cycle. This gives one a chance to learn and understand winning features and functions and also correct defects or developing features.
Competitor analysis for product management
For product management, competitor analysis is exceedingly important because it helps product managers with the identification of market opportunities. This puts them in a position to improve their marketing plan and develop new products.
To accomplish the same, one gathers information about a host of factors concerning their competitors, including their products, besides their sales and marketing strategies. An analysis of competitors’ strengths and weaknesses is also involved.
Competitor analysis retains its significance for product and marketing teams
In a nutshell, it is easy to see that for product and marketing teams, the purpose of competitor analysis is to:
- Identify Market Gaps and Opportunities
With competitor analysis, one gets to see the gaps in the market that your competitors may be overlooking. A world of opportunities opens up.
- Refine Product Development and Marketing Strategies
With competitor analysis, you come to see the areas where your organization calls for improvement and the ones where you excel. Benchmarking your offerings simplifies in terms of both, marketing strategies and product development.
- Develop Competitive Pricing and Business Models
A fair idea of your competitors’ pricing models helps come up with informed, data-based decisions about your own. You get a chance to see the flaws in your competitors’ business models and improve upon them.
- Track Industry Trends and Stay Ahead of the Curve
When you recognize the latest innovations and trends that your competitors employ, you can adapt your strategies accordingly and get the winning advantage.
Choosing the right competitor analysis tools
Competitor analysis is going to involve an elaborate bit of data. Choosing the right tools helps with effectively meeting the deliverables and keeps the bid more lucrative. However, before proceeding with competitor analysis, one should have a plan in mind.
One primarily has to consider what one needs to track and why. This helps one define the objectives of this particular competitor analysis. These metrics could be market share, features of the flagship product, press reviews, customer reviews, or social media presence. Similarly, one considers how one plans to collect and analyze the information.
Prodzen CompeteWiser: One of the most useful solutions available in the market today
Prodzen CompeteWiser’s features make it particularly useful for product and marketing teams. The core reason why CompeteWiser has been bought into the picture is to make sure that its user gets a competitive edge. Hence, CompeteWiser has been put forth as a comprehensive solution for competitor analysis and when you use the tool, you’ll get an in-depth understanding of the strategies that your competitors use.
The best part about using CompeteWiser is its elaborate use cases. A product or a sales team could be using the tool and so could an executive. In CompeteWiser, detailed provisions are offered for analyzing your competitors’ marketing campaigns, branding, and positioning. Actionable insights shared by the tool put you in a position to confidently go ahead with your business decisions.
Competitor Analysis
Competitor Analysis is the core service offered by CompeteWiser and your competitor’s weaknesses and strengths primarily come under the purview of this service. This information is obtained by taking a closer look at your competitor’s customers, products, and strategies.
Identifying areas of improvement yields a winning edge for your business.
Battlecards
CompeteWiser generates Battlecards for you, which is a concise but informative document that shares with you all the information that you need to know about your competitors. In a battlecard, you’ll come across an in-depth analysis of your competitor’s services and products, pricing, marketing strategies, and overall weaknesses and strengths. This way, when a business understands the competitor they are up against, they recognize what differentiates them in the market.
Using battlecards simplifies analysis for both, long-tail competitors and ankle-biter competitors. Long-tail competitors are characterized by selling a large volume of products, most of which are unlikely to be easily available. Similarly, the focus of ankle-biter competitors vastly lies on your niche products.
Irrespective of the competitors that you analyze, a vast amount of information about them is available on the internet that is difficult to analyze manually. CompeteWiser does the needful for you by creating Battlecards.
Analyze Why You Lose/Win Deal
If you are not using CompeteWiser, running a full win-loss program is going to be very difficult indeed. But, when you start using CompeteWiser, the preferred competitor research software, you could be running an entire series of win-loss interviews. So, this makes the win-loss analysis process easier. CompeteWiser will instantly share your competitors’ or your own strengths and weaknesses with you.
The best part is that CompeteWiser will also conduct some cross-referencing among these win-loss weaknesses and strengths that you derive from these interviews. It keeps an eye out for what is being said by the buyers in their online reviews.
Saving all the time that you would be spending analyzing is indeed a great advantage. Besides, a business garners a host of actionable insights based on live data.
Get Insights From Trusted Sources
By putting more value on the information found from trusted sources, CompeteWiser cuts away the excess noise present over the internet. The information available at your fingertips will be reliable as it has been taken from authoritative sources.
This is even as CompeteWiser pays a detailed bit of attention to customer reviews and the end customer’s genuine opinion about your competitor. One gets a fair bit of an idea about where an organization’s buyers feel that they are doing a great job. Areas of improvement are also highlighted.
This lets a business learn a lot about the areas it can control directly. This may include product development and positioning. Overall, the buyer’s voice becomes a part and parcel of product marketing work and the competitive positioning of a brand is tightened.
Conclusion
In business, there’s always a lot that an organization can do in terms of decision-making. By using tools such as ProdZen CompeteWiser, an organization gets to learn exactly where they can make the maximum difference by using the findings from competitor analysis. This makes it an exceedingly useful solution for marketing and product teams.
