Easy 6 Step Simple Competitive Analysis

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Easy 6 Step Simple Competitive Analysis
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Youve got a new product or idea. Now, its time
to do a competitive analysis. This type of
exercise will show you where and how your product
fits into the marketplace. Even doing a simple
competitive analysis will put you ahead of most
small businesses and start-ups, and it will help
you define your competitive strategy for your
business.
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Start with WHY Buy Anything STEP 1. Imagine your
ideal customer is looking to buy a product. I
dont want to write your product because they
are looking to buy a product thats a solution
to their problem or a fulfilment of their want.
The same holds true of services. Start by
answering the questions Why is my customer
buying any product? What is their motivation?
What does the customer hope to achieve? What
results are they expecting?
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Move onto WHAT to Buy STEP 2 Without much
doubt, your customer is going to do online
search. People usually search on a specific type
of product, a product name, or a statement of the
problem. Narrow Down the WHAT to Buy STEP 3
Once you know the keywords and search yourself,
youll find specific product names popping up in
the search. You need to list the alternatives to
your product or service. The most important
competitor is the one most likely to be chosen by
your customer.
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Get down to the Nitty-Gritty of WHY Buy
Something STEP 4 Do a feature comparison of the
products. You need to determine which features
are most important. Go and find your competitors
ads and their marketing brochures (online pages
or offline paper). Determine Your Competitors
Weaknesses STEP 5 There are numerous websites
where customers give reviews of your competitors
products. Read through the reviews and focus on
the 5-star, 2-star, and 1-star reviews.
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Get to Know Your Competitor Personally STEP 6
Become your competitors customer. Go through the
buying process with your competitors. Be the
fence sitting, indecisive, objection slinging
customer. How do your competitors react and
respond. Once you go through this process, you
start to realize how they gain customers and what
their business model is. This is a simple 6 step
process that should take long to complete and it
will provide you will valuable information.
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