Identification of competing solutions, products and services
Posted: Sun Jan 26, 2025 3:42 am
The need that your solution addresses is most likely already covered by other competing products or technologies. You need to analyse the competition in the market. The most accessible, cheapest and easiest method is so-called desk research, i.e. the analysis of secondary data available on the Internet, in the press or in the literature. However, it may happen that information about the competition is not easily available, for example on the web. An alternative method for identifying competitors may be to interview experts in the sector in question or the audiences you have found in a previous phase. You can also consider outsourcing the identification and analysis of competitors to a specialist market research company. This phase is necessary to be able to effectively offer value to your audience.
Competitor analysis before introducing a new product
Once our competitors have been identified, we need to luxembourg email list carefully analyse their activities (benchmarking). For new products, technologies and inventions, the main areas of research should be: sources of competitive advantage (what makes customers choose this product/technology from this supplier?), main sources of customer satisfaction with the product (what makes customers come back? What gives them the most satisfaction? What product features make them happy?) and the main sources of dissatisfaction (what would customers change about the product? What do they miss?). We should draw conclusions from each of these areas by answering the questions:
Are we able to compete effectively with a competitive advantage?
Are we able to create our own USP (Unique Selling Point, i.e. are we able to differentiate ourselves from the competition with something?)
Are we able to offer the public what satisfies them at least as well as the competition?
Are we able to eliminate the sources of dissatisfaction with the product?
Are we able to enrich our product or technology with features that the public lacks?
It is also a good idea to take on the role of our competitor's customer ourselves, to make observations and examine the various factors that influence our satisfaction.
Competitor analysis before introducing a new product
Once our competitors have been identified, we need to luxembourg email list carefully analyse their activities (benchmarking). For new products, technologies and inventions, the main areas of research should be: sources of competitive advantage (what makes customers choose this product/technology from this supplier?), main sources of customer satisfaction with the product (what makes customers come back? What gives them the most satisfaction? What product features make them happy?) and the main sources of dissatisfaction (what would customers change about the product? What do they miss?). We should draw conclusions from each of these areas by answering the questions:
Are we able to compete effectively with a competitive advantage?
Are we able to create our own USP (Unique Selling Point, i.e. are we able to differentiate ourselves from the competition with something?)
Are we able to offer the public what satisfies them at least as well as the competition?
Are we able to eliminate the sources of dissatisfaction with the product?
Are we able to enrich our product or technology with features that the public lacks?
It is also a good idea to take on the role of our competitor's customer ourselves, to make observations and examine the various factors that influence our satisfaction.