LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on steps to undertake an effective competitive product analysis. This article provides comprehensive insights into why competitive product analysis is essential and also discusses the key steps involved in it.
Competitive product analysis helps companies to determine their market position and also helps businesses formulate strategies to outperform competitors. An effective competitive product analysis not only illustrates the product’s strengths and weaknesses when compared to similar products in the markets, but it also gives a better idea on how to sell and position the product.
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Steps in competitive product analysis
Before undertaking a competitive product analysis, businesses must have a thorough understanding of who their key competitors in the market are. They must first identify the direct competitors. Direct competitors are those who are selling similar products and share the same target market.
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Undertake competitor research
Once the direct competitors are listed out, the next step is to start the competitor research. The best way to do this is through a professional market research study for each competitor. It helps companies to gain a better understanding of similar businesses in the industry and their strategies.
Gather and analyze product information
The next step in a competitive product analysis is to gather comprehensive detail regarding the competitor brands in the market. This can primarily be done by reading their sales brochures, browsing their website and, going through their annual reports, if available.
Develop competitive strategy
The last step of competitive product analysis is to use the data collected to create an effective competitive strategy. The strategy should outline what sets the business apart from others in the market and what must be done in order to market the brand as a better consumer option than other products available.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us