Product competition analysis -Effective Ways to Beat Your Competitors
From the day this universe came into being and living things have started a struggle for themselves, they follow the rule of nature. And the rule can be defined with the concept: Survival Of The Fittest. The one who accepts nature’s demands and modifies itself accordingly survives. The same is the case with the business world today. The brands are in a constant war for their survival. They want to excel in the product competition race. For this, they try to modify themselves uniquely by creating their designs, developing new strategies to create a market and engage their customers. They want to target the audience by providing the best services. You can use various tactics like providing high quality at low prices but that is not something you can depend on in case of product competition. Your rival can be a lion in the jungle or a big fish in the pond.
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So, in this war of product competition, the following ways can make you a game-changer:
Table of Contents
Make a critical analysis
Before applying your tactics, ideas, and plans, you should take a deep analysis of your competitors’ works. You should make a question chart including questions such as what is their approach towards business? How they are coping with their customers? What tactics are they using to satisfy and engage their customers?
Such questions and many others like these can help you collect thorough and complete information about your competitors. By this strategy, you can explore the strengths and weaknesses of your rivals. You can make a critical analysis and make a better strategy than theirs for a healthy product competition. This step will help you find your chief opponent in business.
Only best product survives a product competition
After making a deep analysis about your competitors and performing extraordinary in the product competition, you need to make a better product than that of your rivals’.
Your product should have at least the following feature:
The product should have better quality and long-lasting features so that even if your product is a bit expensive, its durability will always make your customer satisfied. It will assist you in making your place in the market alongside competing in product competition. For instance, Samsung company offers the most expensive pricing compared to other android brands but still, it is excelling other brands (Vivo, Xiaomi, Huawei, etc ) because of its more durable features.
Your product should have some rare features that will distinguish it from others for instance a unique design, etc. So that the user will be sure to get his desired product from your brand only. Your product should be more user-friendly than others.
In accordance with international standards
One should be able to use your product for recycling if he wants. That’s also a major feature in product competition. Your product should be more environmental and nature and friendly. It should be according to all the international standards and QC (quality control) procedures being set by the respective organization.
Pure and healthy
If your product is a food item then it should be fresher, more hygienic, tastier, more organic, preservative-free (if possible), and presented beautifully.
Some other attributes
In short, it should be safer, more efficient, more compact, waterproof (if it is a tech product), comprising of latest attributes and unique designs and colors, packaged in a more quirky manner, promoted by a celebrity.
Offer better services to customers
Offer better customer service to your clients by training your employees to be polite, smiling so that they can build a better relationship between customers and your company. This will play a key role in making a clear path for you regarding product competition. Other features in customer service that can help you win the product competition include fast delivery service specially by offering online services in areas where your competitors do not have access.
You can also add other little things such as:
Offer something alongside product
This can be something very simple and can be done free of cost like if a customer has come to the company with a complaint, offer him a cup of tea.
Become a global brand
The more global you are, the more customers you engage at this edge over your rival’s. Although to become a global start, you need management and discipline.
User-friendly opening time
When you are available for customers 24/7 specifically when your rivals are busy sleeping, you are making a customer’s life more convenient. Shaping your business according to the customer’s lifestyle makes your best option to make you best option to be selected.
Make a user-friendly website and nurture it regularly. Keep it updated and provide the information according to the area of customer. It is very important because you may not have launched similar products at all places evenly. So, only area-specific information should be available to users.
Design a proper uniform for staff
A simple and powerful step like this can change the user’s perspective about your brand positively. It can add a more professional look to your business. And the customer will feel more comfortable trusting your brand.
An ideal business has:
Your business should be very simple but standardized only than it can survive the product competition. Be careful not to irritate the customer from you such as avoid offering frills deals to customers if they want a single product. Offer a wide range of products so that a customer can get exactly what he came for. Other things that can help you win this product competition from competitors include:
Offering more payment options
We know that it is a hard nut to crack for you especially if you are a beginner, because cash is the only way for you to survive, But for a long-lasting establishment of business, you should have a big edge at this end.
Your stores and branches should be near public transport with high parking facilities and in a neat and clean area. Especially for a healthy product competition, you need to make it at commercial and more pleasant premises.
Make yourself a charitable organization
Win people’s hearts by giving charity to the poor. You can keep at least 5 % of your profit for this purpose. Even you can sponsor a local football or cricket team for this purpose. This is one of the best marketing strategies for product promotion and to excel in product competition.