Product & Pricing Competitive Analysis
How to Complete a Competitor Analysis Report (Part III)
The following is the third article of a 6-part series aimed at guiding you through conducting a complete competitor analysis report. In this article, you’ll learn how to evaluate your competitors’ product and pricing strategy for a competitive advantage when you define your future product roadmap. You may follow along by downloading the complimentary competitor analysis template.
Analyzing your competitors’ product and service offerings in terms of features and value gives you an idea of the decision-making process your customers go through.
Follow the competitor analysis template:
- List your company’s product features as columns. In the rows, note how the competition compares by assigning a symbol for “Yes, No or Partial.”
Remember you’ll most likely share this analysis with others in your company, therefore, it’s important to ensure the report is shareable by making relevant notes as you analyze each feature.
- Note any proprietary features the competition claims. Depending on your industry, take note of any other major features that will affect your company. For example, if you are in the tech and software industry, keep track of integrations.
- Compare the competitors’ offerings to your own.
You will be able to use this information to form your future product roadmap.
Take a look at the competition’s pricing structure. Include detailed information such as shipping fees and warranty options. You can also make observations about their subscription services – do they have monthly or annual options or is it a one-time fee? How does their pricing compare to yours? If you notice your pricing is drastically different than the rest of the market perhaps it’s time to reconsider your strategy.
Now, we’ll take a look at the competition’s Marketing and Messaging Strategy
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