Comprehensive Guide to Competitor Analysis for New Product Development
In this episode, the host discusses the essential steps for conducting a competitor analysis for new product development. Topics covered include identifying major competitors, analyzing their product features, benefits, technical specifications, certifications, and sales channels. The host explains how to collect and organize this information using Excel for easy comparison. Additionally, the host emphasizes the importance of this benchmark data in shaping your marketing strategy, defining pricing, and ensuring your product stands out in the market. A link to a free training on creating a project business plan for new products is also provided.
00:00 Welcome to the Show
00:03 Recap of Previous Episodes
00:25 Introduction to Competitor Analysis
00:37 Setting Target Prices
01:21 Conducting Competitor Benchmarking
01:38 Step-by-Step Competitor Research
03:19 Analyzing Features and Benefits
04:02 Technical Specifications and Certifications
05:27 Visual and Sales Channel Comparison
06:53 Maintaining Your Benchmark Document
08:03 Conclusion and Additional Resources
Want to learn how to create a project business plan for your new product development? Sign-up for FREE training via the link below.
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