Competition Analysis: Never Skip This Step Before Building A Product For Your Blog
Rumor has it that in 1899 the Commissioner of the U.S Patent Office said, “Everything worthwhile has already been invented.” Obviously, he was wrong, but unless you’re an extremely creative person you’re going to be hard pressed to come up with a completely new idea like electricity or the telephone or indoor toilets. You can still find ways to make your products unique, though. Just look at the guy who put those flashing lights on the back of your sneakers.
Analyze Your Competition
Once you have a product idea, it’s time to take a look at the competition and ask yourself three questions:
- What are they selling?
- What are the features and benefits?
- Who are they selling it to?
- How are they promoting their product?
Develop Your Product Accordingly
Now that you’ve analyzed your competition and their product, you need to find a way to make your product stand out.
Your first thought might be that you need to completely re-make or reinvent the product, but that’s not always necessary. After all, nobody has ever re-invented the wheel and there are dozens of tire manufacturers out there, all with a share of the market.
To make your product unique, you can do a number of things:
- Put it in a fancier package
- Make it bigger
- Make it smaller
- Create exclusivity
- Find a unique use for it
- Add something to it to make it more valuable to the buyer
- Take something away from it and make it cheaper for the buyer
- And the list goes on and on…
Be Relevant For Your Readers
As you can see, it doesn’t take much to make your product unique. But if you want to hold you position in the marketplace you need to make your product as unique as possible. To do that, find a hidden need and connect it to your product.
For example, it’s easy to sell Iced Tea Mix to people in Florida, but you’ll have to come up with a better idea than “It’s brisk, cold and refreshing!” if you want to sell that same mix to people in Alaska. However, if you do come up with that unique idea, you’ll be the only one who has it and everybody else will just be “the other brand.”
Rise Above Comparison
Avoid comparing your product to the competitor’s. All he has to do is find one key feature he can zero in on and find a unique selling point and your product is history. Which is exactly what you should do…
Find one key feature that your product has that no other product has and use it as your key selling point. If your product doesn’t have a unique feature, then find a unique way to sell the features you do have. And if you can’t do that, then you need to go back to the drawing board because all you’ve done is replicate someone else’s product.
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