In the global marketplace of today, companies have to keep up with the competition to stay relevant and profitable. Efficient production conditions make it easier for new competitors to enter the market. The result is a highly diversified product range worldwide. Unlike a few decades ago, there are now only a few producers who have a unique selling proposition for their products. The competitive situation has also increased due to internationally networked trade and e-commerce. Therefore, a precise analysis of the market conditions and competitive situation is a guarantee for the company's success.
But not only in the market entry phase the product comparison analysis decides about the success. Monitoring and reporting are indispensable throughout the entire product life cycle. In this article, we describe the process of the comparative product analysis in depth and provide key insights into which metrics you need to keep an eye on as your product portfolio evolves.
For both regional, but especially for international companies, a competitive product analysis is crucial. Thanks to accurate statistics and insights into the competitive environment, long-term sales are secured.
An in-depth product-competition analysis makes it possible to identify potential and define business areas in need of optimization. This shows you new market opportunities and perspectives for growth strategies.
With the advent of globalization and digitalization, competition is no longer limited to local players. This means they need to be more innovative, adaptable and responsive to customer needs. At the same time, it is necessary to identify at an early stage which trends and new technologies are influencing the markets. By conducting a comparative product analysis, international companies can develop a deep understanding of their own market position. At the same time, a product comparison enables the early identification of competitors' strategies. Thanks to comparative product analysis, it can also identify areas where it can differentiate itself from the competition and specifically improve products to better meet customer needs.
A competitive product analysis should include several key components, including a comparison of product features, pricing, branding, and marketing strategies. Here are some important factors to consider:
There are various procedural methods for companies in conducting a product competition analysis. The following are some of the key facts that can be applied to a matrix for analysis.
To ensure a successful analysis of competitor products, companies should also set clear objectives, conduct thorough market research and involve key stakeholders in the process.
Market research KPIs play a critical role in conducting a competitive product analysis. These metrics provide companies with insights into customer preferences, behavior, and trends, which can help inform product development, pricing, branding, and marketing strategies.
GfK is a leading market research company that provides valuable insights and analysis to help companies stay ahead of the global competition. the service includes a wide range of market research, competitive intelligence, and customer insights. Our market research solutions help companies to understand their customers and competitors products and services better, and to develop more effective strategies to grow their business.
One of GfK's core competencies is in conducting competitive product analysis. They have developed several frameworks and methodologies to help companies analyze markets and identify opportunities for growth. These include the competitive product analysis matrix and other tools such as benchmarking, product feature analysis, and pricing analysis.
GfK's market research services also include Customer Insights, which can provide valuable information about customer preferences, behavior and trends. By conducting surveys, focus groups and other research methods, GfK can help companies better understand their customers and develop more effective marketing and branding strategies.
In summary, conducting competitive product analysis is essential for global companies. In addition, product analysis can help identify new market opportunities and growth areas. By analyzing competitors' products and services, companies can identify market gaps that they can fill with innovative and appealing products. This can help companies expand their customer base, increase sales and grow their business. GfK provides support in all aspects so that you can steadily expand your market position in the long term.