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- “What features does 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 nes?” to improve your product’s position against your competitors.
Bas on the analyz 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 specific database by industry 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 studi).
- Unique features (for example, one competitor has exotic dishes).
- Areas where your 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 nes of the target audience
Another way to use the Venn diagram to marketing list visualize a comparative analysis of competitors’ products is to compare your product, competitors’ offerings, and the nes and desires (including potential) of potential customers. The diagram shows three circles: “customer nes/desires” (current and future nes); “competitors’ capabilities”; “capabilities of our analyz product”.
At the intersections of the circles we see areas for growth and development of our product:
At the intersection of “our capabilities” and “customer nes” are opportunities for business growth: the better our product meets the customer’s nes. the school of international cooperation has The more likely it is that our product will be chosen by the consumer.
At the intersection of “our product’s capabilities” and “competitors’ capabilities” are common growth areas for all projects on the market (that is, this part is the same for all companies, it is difficult to achieve attractiveness for the client, it is important to. Pprovide this part in the highest possible quality in order to keep up with competitors, but do not forget that not all of these characteristics and At the intersection of “customer nes” and “competitor capabilities” is where the improvement of capabilities is locat. That is, we ne to take a closer look at this area, perhaps add something to the analyz product.
At the intersection of all three circles lies the parity zone:
In essence, this zone contains what both our product and our competitors’ products offer to customers, and at the same time, this functionality and properties are important to potential customers. 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 analyz product without fail.
Now we see that the Venn Diagram 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 detail analysis of competitors and their offers and develop a “unique selling proposition” and offer bas on the collect information.