Now that you have compiled a list of competitors and selected the criteria for comparison. collect information about each of the competitors based on the selected characteristics. Information can be obtained from published cases. articles. official releases. reviews. feedback. product descriptions on the competitor’s website or on the pages of marketplaces. that is. from any open sources. Supplement the data with your own observations and tests. as well as the results collected using the “secret shopper” method (introduce yourself as a potential client when visiting a store or calling the competitor’s call center).
Diagram: create circles for each company or
Product category and reflect vietnam telegram data common characteristics in the intersection of circles. and unique properties in the non-intersecting parts of the circles.
Carefully study the visualization and. based on the Diagram. answer the questions:
- “What features does cameroon business directory your product have only?” to identify the benefits.
- “What areas require improvement to stand out from the competition?” to find growth areas.
- “What common features can you enhance or adapt to your needs?” to improve your product’s position against your competitors.
Based on the analyzed data and results. develop a business strategy. presenting opportunities for adjusting the product line. changing and adapting the marketing strategy. creating new services for customers and activities to increase loyalty.
Let’s say you’re analyzing three competitors in the food delivery market. The analysis might include the following parameters: delivery time; menu variety; delivery cost; ease of ordering app.
A Venn diagram for such a comparison would show:
- Common parameters (for example. “fast delivery” for all three companies studied).
- Unique features (for example. one competitor has exotic dishes).
- Areas where your in general, take advantage of opportunities that the business can outperform the competition (for example. improving the usability of an app or the checkout process on a website).
Venn diagram for analyzing a product against its competitors and the needs of the target audience
Another way to use the Venn diagram to visualize a comparative analysis of competitors’ products is to compare your product. competitors’ offerings. and the needs and desires (including potential) of potential customers. The diagram shows three circles: “customer needs/desires” (current and future needs); “competitors’ capabilities”; “capabilities of our analyzed product”.
At the intersections of the circles we see areas for growth and development of our product:
At the same time. marketers highlight here not so much the “sales growth” zone. but rather the “parity zone”. that is. what all competitors on the market can do. but at the same time these criteria are interesting to customers. That is. these functions and characteristics must be present in the analyzed product without fail.
Now we see that the Venn D
iagram is not only a tool for visualizing information. but also an important part of strategic analysis. With the help of the Diagram. you can better understand the market environment. identify competitive advantages and develop a USP for consumers.
Experts from the internet marketing agency
Convert Monster will help you conduct a detailed analysis of competitors and their offers and develop a “unique selling proposition” and offer based on the collected information.
