A business organization needs to gather information about product competitors. The various ways to identify product competitors areas are as follows:
Market â€“ A thorough research of the market should be conducted to know the position of the product in the market and gather knowledge about the competitors. It also helps to determine the market share if the product is launched in the market.
Vision â€“ The aim and objective of the competitors should be evaluated. The presentation of the competitors towards their customers should also be considered. This information can be obtained from the competitorsâ€™ websites.
Positioning â€“ In a shared market, the position of the competitors should be determined by the organization before launching its product. This information can be gathered from marketing messages, social media networks, and competitorsâ€™ websites.
Personals â€“ The targeted customers of the competitors should be ascertained. This will provide information about the interests, skills, and requirements of the customers.
Differentiators â€“ The unique features of the competitorsâ€™ products should be identified. Efforts should be made to include other features in own product so that the customers are attracted towards it.
How to Defend Product Competitors
The business organization has to face severe competition from similar products in todayâ€™s market. The various ways of defending them are as follows:
Thorough market research and study â€“ The competitors are a constant threat to the organization. Hence, thorough research should be conducted to gather enough information about them.
Advocate the brand â€“ The organization should make maximum efforts in enhancing its brand through means of advertising and sales campaigns. It should bring forth the unique features of its product that provides reasons for buying by the customers.
Adding new customers â€“ The business organization should constantly tap the new market and identify potential customers for its products. This will help to develop a higher market share. It is generally done through referrals.
Stay true to brand promise â€“ The promises made by the business organization about the product should be fulfilled constantly. Efforts should be made to retain the quality and price of the product.
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