Competitor analysis part 3

Here you will learn about the three most important factors to consider when making your competitor analysis. The first point will be the product. And this could also be the case if the competitor is providing a service as well not just for a physical product. the second point will be the price. This might seem like the most complex of all the three to fully comprehend but it will be as important as the remaining two as it is a big factor in determining whether your plan will succeed on not. And the third and final case study will be the audience of your competitor. The following will drive you through an in dept understanding of how to gain imperative advantages over your field. And using this three main point as a way of enlarging your chances of exceeding far beyond your competitor's level. at the end you will be given an assessment on the lesson acquired to see how well you have understood.

When trying to make an overview on the competitor's product this is the way to review. This could seem very easy or hard depending several factor. This way include four different factor to follow in order step by step. And the benefit of this will be that you could make and provide a product or service that will be worth more to the client than your competitor's own product or service.

1. first identify your audience

2. Then see who your audience is already a client of (your competitor)

3. Be a client of that competitor yourself (this means having an

experience of their product/service)

4. Analyse only the potential disadvantages of that product or service

Reminder:

No consumer is design to be your client you must be the one to draw people to your product or service. You cannot wait for client to come to you. It is your job to get client. Which is why you should always consider any client as yours. It is your role to draw your competitor's client to be yours. If you want client don't wait for them but attract them. Which is what the purpose of marketing is. You can make a very demanding product or service but if you wait for client instead of attracting them, you will not make any sales.

When entering in a market you will first need to have a clue of who your target audience is. And they way to do this is by analysing your product or service and see who will be willing to buy it. Remember that you are not selling your product you are just looking at who will buy it. What you should understand here is that you will only be able to sell a high demanding product only if it is seen by the client as valuable and the way to make your product very valuable is by adding extra beneficial features on them. So you will want to make sure that your product is first seen by the client as having more value.

Therefore you will not sell directly your product but just see who will be interested in it. And if the amount of people that are buying it is higher than your competitor's client base then, you could just directly sell it. But since this is less likely to be the case you will just see who are interested in the product you sell by looking at who is already interested in that type of product. By seeing who is interested in the product that you sell you are already seeing who is going to be your potential competitor. But even more importantly what you want to do is to sell a product that have beneficial feature compare to the average competitor. So promote a product that has the market's product average features. Then if it does attract a small group of people then you will know It is the clients of your competitors that are interested in it.

And if it is the case then you already know who your competitors are. Or in other word the competitors with the most market share. This is the second to last way to providing your own product. What must be done here is an observation of the dominant competitor's product. What are the features on it, what so the benefit of it and how it solve problem to the consumer. This could be done in several ways like collecting review about the product or consuming the product yourself. This second method is more recommended as you have a more personalize experience and information about the product. And the reason for this will be important in the next stage.

One thing that you should know is that your competitor will never make a product that is perfect and there is always something that will be a drawback for the product that they will be selling. And once you have experienced the product your aim is to analyse what are the disadvantages of the product. And only the disadvantages. Which is why you first need to experience the product yourself because that way you will have as much information about it as possible. Focus not the features of the product and what are the disadvantages of it. This could even be disadvantages been expressed by other consumer of the same product that you could analyse.

example (Product):

You are selling handbags. First you identify to whom you want to sell it to. Let's say to women. You first see who is already selling handbags to women. You analyse the disadvantage with that product let's say that the disadvantages is that it can only be worn on the arm. So you decide to form your handbag as one that is worn on the arm but can also be adjust to be worn as a backpack. So you have just unlocked advantages like feeling less weight since they can wear it as a backpack if they have worn it on their arm for long and begin to feel pain. Which also mean it has multifunction and it save money since they don’t have to buy one bag as a handbag and buy another as a backpack. So you now design this new bag and advertise it that competitor's client which are the client you are willing to target.

example (Service):

You are selling a video game. You first identify your target audience based on the content that are in the video game you are selling. Then see who your potential audience is already a client of (the people that provide the same type of video game that you provide) analyse it. After let's say the disadvantage you notice is that the client can only use the product once they have brought it. been a disadvantage, you decide to offer a demo and a demo review to see if the client liked it or not and allowing the client to post feedback about the game before letting the client purchase. Now you have extra advantages like clients been sure to be fully satisfy with the product after buying it because they have tested the game before buying it. Meaning that they will give positive content about it and now be your client. And encourage other people to buy it since they favour your game.