Competitive products refers to products or services that offer similar or identical features as one's own product or service, and therefore compete in the market. These products come from other companies and are designed to target the same audience and fulfill their needs. Understanding competitor products is crucial for businesses to determine their positioning in the market, identify their unique selling points, and adjust their marketing strategies accordingly.
Typical features of software in the field of competitor products include:
Competitive Analysis: The software allows monitoring and analysis of competitor products, including their features, prices, market positioning, and customer reviews.
Product Comparison: Comparing one's own products with competitor products in terms of features, pricing, and customer satisfaction to identify strengths and weaknesses and recognize opportunities for improvement.
Price Monitoring: Monitoring prices of competitor products to develop competitive pricing strategies and make price adjustments if necessary.
Market Analysis: Analyzing the market and identifying trends to support the development of new products or adaptation of existing products to meet market needs.
Competitive Benchmarking: Benchmarking one's own performance and positioning against competitor products to evaluate competitiveness and develop strategies for improvement.
Customer Feedback: Capturing and analyzing customer feedback on competitor products to gain insights into customer preferences and requirements and adjust product development or marketing strategies accordingly.