A company’s competitiveness is its ability to outmaneuver its competitors and win. Large companies and small firms can compete, but either way it is a fight for the customer and their money.
Identify Similar Products That Can Compete With Your Product
The work of analysts helps determine the ability of a company or product to compete with others for customer demand. To create a competitive product, the marketer needs to research products that can replace your company’s new product. It is also not unreasonable to analyze a competitor’s brand to better attract customers. But for successful positioning, you must first correctly select potential competitors and correctly assess their ability to compete for demand for a particular product in the market.
Find Out What Customers Think About Similar Products From Competitors
The marketer needs to conduct a study of competing products, to find out what attributes customers choose a particular product. To do this, you can collect information through a survey of buyers, about what attributes influence their choice of purchase.
Find Out the Positions of Competitive Products
To begin with, you need to understand exactly what attributes certain products are in the competitive set. Typically, there are about two such attributes. And to present different products, marketers use the so-called positioning grid.The best popularity to the brand product will provide a good and broad advertising of the new product. It is best to focus on a number of attributes that influence the decision to buy. Tie the brand name of your product firmly to these attributes.To successfully promote the product, it is necessary to take a profitable place in the market.
Make Sure You Know Why Your Clients Love Your Products
The most common option to isolate the attributes by which buyers prefer a particular product is a survey. It is necessary to find out what goods the interviewees prefer, what is important in the decision to buy a certain product. Then the analyst has to figure out which attributes appear most often. But do not rely on the price determinant. Often low cost scares away potential buyers, there is an opinion that quality cannot be cheap. Competitors can reduce the price of a similar product, which will only benefit consumers.
Find Out if the Product Offered Meets the Customers’ Requirements
Every potential customer is looking for a benefit in their purchase. For, example, when someone buys a new T-Shirt, he thinks about his jeans he’s going to wear with it, or when he signs up to 20 Bet, he is already dreaming about winnings he will get. Analysts determine what attributes buyers see as a sign of a better purchase. Then they find out what products competitors don’t have that will satisfy buyers’ needs, and what niche might be suitable for a potentially new product.
Prepare a Report on Introducing the Product to the Target Market
The decision on how to market the new product should be based on an analysis of the market itself and the product in demand in that area. It is not necessary to forget about the possible benefits in the future, it is necessary to foresee both the development of the market in the future and the development of competition. After choosing the positioning of the product, it is necessary to clearly explain to the marketers the promotion strategy by writing a progress report or to put forward a price proposal for the product.
