Around 30,000 new products are launched<\/a> every year. When designing a new product or revamping your existing product, you must ensure that you have a competitive edge over your rivals.\u00a0<\/p>\r\n\r\n\r\n\r\n In this article, I will explain why it is essential to know your competitors and conduct comprehensive competitive product analysis. I will also discuss some great examples of competitive product analysis to gather actionable insights from it.\u00a0<\/p>\r\n\r\n\r\n\r\n Ready? Let\u2019s start!<\/p>\r\n\r\n\r\n\r\n Competitive product analysis is the process of evaluating your competitors\u2019 products to find their strengths, weaknesses, and current position in the market. It lets you analyze the current demand for your product and helps you plan appropriate strategies to outperform your competitors.<\/p>\r\n\r\n\r\n\r\n The most basic value proposition canvas for competitor analysis divides customer behavior into three types: fears, wants, and needs. A customer buys a product for fear of losing it, for the luxury of having it or the need to use it. It also separates the product into three parts: benefits, features, and experience. Customers prefer to purchase products after comparing the features, understanding the benefits, and evaluating the previous or current experience with the business selling the product.<\/p>\r\n\r\n\r\n\r\n Doing a product competition analysis helps identify how your competitors\u2019 products help your target audience overcome their fears and fulfill their needs.<\/p>\r\n\r\n\r\n\r\n Competitive product analysis also includes analyzing your competitors\u2019 sales and marketing strategies. By doing this, you can implement robust business strategies that are better than the approach used by your current competitors.\u00a0<\/p>\r\n\r\n\r\n\r\n When you have full knowledge of your competitors, it becomes easier for you to defeat them and acquire the largest market share.<\/p>\r\n\r\n\r\n\r\n Competitor analysis is a crucial part of every business strategy. You need to set a USP and offer a price that your rivals can\u2019t match. To do that, you must identify the products currently selling in the market and why they are selling so fast. Competitor analysis lets you do that.<\/p>\r\n\r\n\r\n\r\n Here are the top advantages of competitive product analysis:<\/p>\r\n\r\n\r\n\r\n Now that you know why knowing your competitors is vital for you to succeed, let’s find the products for doing competitor analysis.<\/p>\r\n\r\n\r\n\r\n Necessity is the mother of invention. Every product that sells on the market has a demand for it.<\/p>\r\n\r\n\r\n\r\n Before conducting a competitor product analysis, you need to define the needs that your target audience has and how you can turn it into a business opportunity.\u00a0<\/p>\r\n\r\n\r\n\r\n You need to examine your competitors\u2019 products to find out the problems that the current product has. You need to define the exact problem and identify the need for a better product.<\/p>\r\n\r\n\r\n\r\n Identify your top three closest competitors and get answers to these questions.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n Here are some ways that will help you to get answers to the above questions:<\/p>\r\n\r\n\r\n\r\n At this stage, you will have some of your competitors\u2019 top products along with a list of problems that the customers are facing while using those products. Now, we will move on to the next step.<\/p>\r\n\r\n\r\n\r\n The next step is finding UX (User Experience) issues in the products you listed in the step above.<\/p>\r\n\r\n\r\n\r\n Finding UX issues in your competitors\u2019 products can help you learn from their mistakes and offer a better user experience. This, in turn, will have a positive impact on your product conversion rate.\u00a0<\/p>\r\n\r\n\r\n\r\n Follow these ways to find UX issues in your competitors\u2019 products:\u00a0<\/p>\r\n\r\n\r\n\r\n Make sure to analyze the UX of all the top three competitors of yours and note down all the aforementioned things for each of them.\u00a0<\/p>\r\n\r\n\r\n\r\n Product listing is a catalog of all the products a company sells. All the products have a separate landing page that contains complete information about the item, such as title, price, images, and description.\u00a0<\/p>\r\n\r\n\r\n\r\n When analyzing your competitors\u2019 product listings, try to get answers to these questions:\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n Answering these questions will help you find some common product listing issues, such as price mismatch, missing information, bad CTA, and copied product description.\u00a0<\/p>\r\n\r\n\r\n\r\n Reading reviews of your competitors\u2019 products can tell you a lot about how satisfied their customers are and what opportunities you have.<\/p>\r\n\r\n\r\n\r\n Let\u2019s say you sell portable speakers. If a lot of your competitors\u2019 customers complain about the sound distortion when playing songs via Bluetooth, you would want to ensure your product works perfectly fine even at 100% volume.\u00a0<\/p>\r\n\r\n\r\n\r\n Here are some great ways to find product reviews issues with competitors\u2019 products and use them to your advantage.\u00a0<\/p>\r\n\r\n\r\n\r\n You can find your competitors\u2019 product reviews by Googling it directly. Search for \u201c[brand name + product name] + reviews<\/em>\u201d and see which site comes up.\u00a0<\/p>\r\n\r\n\r\n\r\n Additionally, check popular review sites, such as Yelp, Capterra, G2 Crowd, TrustPilot, or GetApp to find if their customers have left any feedback on these websites.\u00a0<\/p>\r\n\r\n\r\n\r\n For example, I visited the G2 Crowd to see if customers have given reviews to the product \u201cAsana<\/em>.\u201d I found that there are thousands of customer feedback, which can help find issues in their product.\u00a0<\/p>\r\n\r\n\r\n\r\n I recommend looking at 1-star and 2-star reviews first because this will help us find problems that people face while using the product. One of the reviews states that Asana is very glitchy, and the user has to spend too much time updating the tasks. There is also no default to who the task belongs to or what date it is due.\u00a0<\/p>\r\n\r\n\r\n\r\n Here, the Asana team is active, and they have replied to the customer’s problem with a solution. The response from Asana Team is, “there’s a new Rules<\/em> feature that allows setting a default assignee and due date for each task.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n It might be possible that your competitors\u2019 are too lazy to respond to customer problems, and this is where you can capitalize and create a better product for your potential customers.<\/p>\r\n\r\n\r\n\r\n Analyzing reviews like this will keep you updated with the issues in your competitors\u2019 products as well as the new features that they add.\u00a0<\/p>\r\n\r\n\r\n\r\n Use the insights gathered from your competitors\u2019 customer reviews to enhance your product and provide a better experience to your users.\u00a0<\/p>\r\n\r\n\r\n\r\n The product design and color palette can entice prospects to convert and leave a great impression on your customers.\u00a0<\/p>\r\n\r\n\r\n\r\n When designing product interfaces, associate an action to a color to guide customers and improve their user experience. For example, in product design, contrasting colors are usually implemented to break the screen into different sections. The color for the CTA buttons should also be chosen to encourage specific actions.\u00a0<\/p>\r\n\r\n\r\n\r\n Colors play a huge role in your branding. Begin by analyzing what colors your competitors are using to differentiate your products from them in terms of design.\u00a0<\/p>\r\n\r\n\r\n\r\n Here are some ideas to conduct a competitive analysis for product design.\u00a0<\/p>\r\n\r\n\r\n\r\n Your competitive analysis should include anything that can help you improve your product and generate more sales.\u00a0<\/p>\r\n\r\n\r\n\r\n You must include the following things in your product competitive analysis.\u00a0<\/p>\r\n\r\n\r\n\r\n Including all these things will give you a 360-degree view of your competitors\u2019 strengths, weaknesses, and opportunities to capture the market.\u00a0<\/p>\r\n\r\n\r\n\r\n There are two basic ways to analyze your competition:<\/p>\r\n\r\n\r\n\r\n Tools are the easiest way to analyze your competition. However, you will need more than one tool to get a better view of your rivals.\u00a0<\/p>\r\n\r\n\r\n\r\n Pi Datametrics allows you to measure your competitors\u2019 performance. It enables you to identify the \u201cwhat\u201d and the \u201cwhen\u201d by analyzing market trends. You can track the audience\u2019s intent and tweak your marketing message to persuade your customers to try your product instead of your competitors\u2019.\u00a0<\/p>\r\n\r\n\r\n\r\n SEMrush<\/a> is an excellent tool to research your competitors\u2019 marketing strategy. Just enter your competitor\u2019s website URL, and you will be able to check things like their organic and paid traffic, sources, devices, location, and top pages.\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n You can also check your competitors\u2019 top pages and the keywords they use. If you have published your website online, you can use SEMrush\u2019s keyword gap<\/em> feature to find phrases that your competitors use, but you don\u2019t.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n The advertising research<\/em> feature of SEMrush helps identify the top paid ads of your competitors and the keywords they are bidding on.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n You can find the top content of your competitors using BuzzSumo<\/a> by entering their website URL in the search bar. You can also filter the search results by publish date, content type, and shares across social platforms.\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n Feedly<\/a> is a news aggregator site that can help you stay on top of your competitors\u2019 product releases, PRs, or other updates. You can add Feedly\u2019s browser extension to add sites you want to monitor quickly.\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n Prisync<\/a> helps you to keep an eye on your competitors’ prices. If you are aware of your competitors’ pricing strategy, you can adjust your pricing accordingly to acquire more customers.\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n Now that you know what to include in a competitor analysis report, it\u2019s time to gather all the insights in one place.\u00a0<\/p>\r\n\r\n\r\n\r\n The best way to do so is by creating an excel sheet that consists of all the things about your competitors in an organized manner. It should be your go-to page every time you need any information about your competitors\u2019 product.\u00a0<\/p>\r\n\r\n\r\n\r\n Here is an example of how to write a competitive analysis. The list contains elements like\u00a0<\/p>\r\n\r\n\r\n\r\n You can access the template here<\/a> and use it to gather competitive product analysis information in one place.\u00a0<\/p>\r\n\r\n\r\n\r\n When writing competitive analysis, make sure to include all the information suggested above.\u00a0<\/p>\r\n\r\n\r\n\r\n Let\u2019s conduct a demo competitive analysis of products manufactured by different companies. This example is meant to help you better understand the competitive product analysis. I have only compared the features of the products so that you can get started.\u00a0<\/p>\r\n\r\n\r\n\r\n Let\u2019s say Sony<\/a> (a Fortune 500 company) wants to launch a wireless headphone. The first thing Sony will do is analyze its competitors\u2019 products. In this example, let\u2019s consider Sony examines \u201cBose Noise Cancelling Headphones 700<\/em>\u201d.<\/p>\r\n\r\n\r\n\r\n Using these insights, Sony can build a wireless headphone that offers much more battery time, doesn\u2019t slip during workouts, has fast charging features, and is pocket-friendly.\u00a0<\/p>\r\n\r\n\r\n\r\n Let\u2019s say, Nespresso wants to manufacture a new coffee making machine. Nespresso<\/a> would first want to know what other options are available to the customers. Let\u2019s consider Nespresso analyzes \u201cKeurig K-Elite Single Serve Coffee Maker<\/em>.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n After analyzing these insights, Nespresso would want to create a coffee machine that has all the features as in Keurig K-Elite<\/em> Single Serve Coffee Maker<\/em> plus froth milk feature and options to prepare lattes and cappuccinos.\u00a0<\/p>\r\n\r\n\r\n\r\n Let\u2019s say, L\u2019Oreal<\/a> wants to manufacture a facemask. The first thing they will do is analyze the existing products to ensure they make a better facemask than what\u2019s already present in the market. In this example, let\u2019s consider L\u2019Oreal examines \u201cEstee Lauder NightWear Plus<\/em>.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n With these insights in hand, L\u2019Oreal would want to prepare a facemask that refreshes dull and tired-looking skin within three minutes, offers long-lasting effects (of at least a week), and doesn\u2019t have any side effects on sensitive skin.\u00a0<\/p>\r\n\r\n\r\n\r\n Competitive product analysis can help you identify your competitors\u2019 strengths and weaknesses. You can then use the information to make your products better and increase your chances of dominating the market.\u00a0 In this article, I will explain why it is essential to know your competitors and conduct comprehensive competitive product analysis. I will also discuss some great examples of competitive product analysis to gather actionable insights from it. <\/p>\n","protected":false},"author":17,"featured_media":6810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/6783"}],"collection":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/comments?post=6783"}],"version-history":[{"count":3,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/6783\/revisions"}],"predecessor-version":[{"id":25718,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/6783\/revisions\/25718"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media\/6810"}],"wp:attachment":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media?parent=6783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/categories?post=6783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/tags?post=6783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Is Competitive Product Analysis?<\/strong><\/h2>\r\n\r\n\r\n\r\n
![\"Source:](\"https:\/\/lh5.googleusercontent.com\/muXo2Zj7eweb868B5RgCRPKOMdcmWJYg70c2WGXRIpMYI1Eeok_HAY-wQJVqPovQyayB23XWxO6s3JbJ6eMdloDHHH9QEhHZmmKsffuZaSD8_Xjj0gQBPDk2EAmjOvcX53g9kACC\")
Why Is It Important To Know Your Competitors?<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Define the Problem and Find Competitors\u2019 Products to Analyze<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Find UX Issues with Competitors\u2019 Products<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Find Product Listing Issues With Competitors Products<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Find Product Reviews Issues With Competitors Products<\/strong><\/h2>\r\n\r\n\r\n\r\n
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![\"\"](\"https:\/\/lh4.googleusercontent.com\/AP6vAlRVOJj16dyGsluAZUAeDOAleNFFwyH_z5TSO5GXz3RT66NrqyA9U9f1KdWe4-rs7oAEIg7lbTqDfyyvjkIIoeVLMoj9MZJ5IXtw3LC94ZhNEWfbxfc1S6tFgxffXnc7n29e\")
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![\"\"](\"https:\/\/lh6.googleusercontent.com\/0EKpho7wWUFCWCnzRfha5cp8EEoNaZtsW7nI_mfflthdabSMVHs-i83DOZmkdj3eCEfhP9BkYGynI9nDV7qtHp-4UCPW6zcJcpvEAGuVE_uMezvXHJJ_Svj73QbTjEHPy3oIQI9F\")
![\"\"](\"https:\/\/lh3.googleusercontent.com\/Rj-pRjRe2LTPRRvxDUQRHIstOlhCqXMWYVvfoAiaIB1Ea5aPw6acJny9sTqJH0a8xGrV_sCF1BeTDOcBKOE-xaPNpj0vlKBJd8dggcgOYPaucTW21MsIrAIfrAM8CKafyM4_atTp\")
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![\"\"](\"https:\/\/lh6.googleusercontent.com\/3ZP2maWItrRnsotZKXTKa0qctJ-QSoYZGwaWwqCqW5DJgnIMZ1eoBVZEYlT_aWzFQ_yCwcpLiywG1kkF7YNXSIN9yXkQvcozVAsKyerENuBWp9Uu9mv0a5GgTy0_9BlXwMUF9UXU\")
![\"\"](\"https:\/\/lh3.googleusercontent.com\/niRwiovpu8zzgzfUOTc1ZfKAMPSWbhuMgt1vVDWgIQHyC6sEXXbYpVyjMq8CoLv3-Ea13nrYOfClzWlgtnyVtbj2JUCk2XDlPpbpkrPoyUu2c94ksppBek8hcB1lqgnIbsyqF6tZ\")
Competitive Analysis For Product Design<\/strong><\/h2>\r\n\r\n\r\n\r\n
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What Should a Competitive Analysis Include?<\/strong><\/h2>\r\n\r\n\r\n\r\n
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![\"\"](\"https:\/\/lh4.googleusercontent.com\/hVSAB68PnFmFhBR2RRdg7sXIMnTjATdQ5aJYVs4dAjvvydUupO34hgkM0IX21cDRXE96q4SyMZSikxJbT9OuV-nXEA1Q5SNBsJDeA_vb_1k3Hfnd4h-fkN7P3iJjP9gDHjoS8aiP\")
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How Do You Analyze Competition?<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Using a Combination of Tools<\/strong><\/h2>\r\n\r\n\r\n\r\n
Pi Datametrics<\/strong><\/h2>\r\n\r\n\r\n\r\n
The following graph shows the search volume for different auto brands in the U.S market. It also displays the trend in branded search volume. This helps in determining which of your competitors\u2019 products are in demand now.\u00a0<\/p>\r\n\r\n\r\n\r\nSEMrush\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n
BuzzSumo<\/strong><\/h2>\r\n\r\n\r\n\r\n
Feedly<\/strong><\/h2>\r\n\r\n\r\n\r\n
Prisync<\/strong><\/h2>\r\n\r\n\r\n\r\n
How Do You Write Competitive Analysis?<\/strong><\/h2>\r\n\r\n\r\n\r\n
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![\"\"](\"https:\/\/lh4.googleusercontent.com\/MVC8s2u3cpqJqq_wcy2RHEFo9xnc9NZa2Lvfy21A7ZGgP82wHRvtK58d7U89uS-GB35JJfXiu0k9zDB1v4PaLIsmooXRqIb-ZVrJ9ycGRgOZgKjfWW_5zHuc-Ji0Vyn9rfeHqv0k\")
Competitive Product Analysis Example<\/strong><\/h2>\r\n\r\n\r\n\r\n
Headphones<\/strong><\/h2>\r\n\r\n\r\n\r\n
![\"Headphones](\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/06\/Table_Headphones-1024x496.png\")
<\/figure>\r\n\r\n\r\n\r\nCoffee Making Category<\/strong><\/h2>\r\n\r\n\r\n\r\n
![\"Coffee](\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/06\/Coffee_Maker-1024x496.png\")
<\/figure>\r\n\r\n\r\n\r\nSkinCare<\/strong><\/h2>\r\n\r\n\r\n\r\n
![\"Skin](\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/06\/Mask-1024x496.png\")
<\/figure>\r\n\r\n\r\n\r\nConclusion<\/strong><\/h2>\r\n\r\n\r\n\r\n
Make sure to gather the right insights and capitalize on the opportunities that your competitors have ignored. Use our competitive product analysis template<\/a> to collect all the data in one place.<\/p>\r\n","protected":false},"excerpt":{"rendered":"