Every day people use thousands of products, from telephone to drink and washing machines to bikes. Some products perform similar functions while others are very different. But have you ever wondered how these products are made or how they function?
Every product is designed in a specific way and a feature-wise analysis of the product or solution enables us to know the important materials, aesthetic decisions and processing which were required before a product was manufactured or a problem was solved. This type of analysis helps us to know where our competitors are, and what they offer; therefore, helping us to improve the design of our product and respond to competitor’s marketing strategies.
A feature-wise analysis of a product or solution can take various forms but generally, it means asking questions about a product or a solution and forming answers. It can also mean potential customers, the member of the general public or experts analyzing your product and comparing it with your competitors’ products.
When conducting a feature-wise analysis of a product or solution versus key competitors try to answer the following questions:
- What is my product height, width, and length compared to that of my competitor?
- Are my customers comfortable with my product or solution?
- How much does it cost to manufacture my product compared to that of my competitor?
- How much does my product or services cost compared to others in the market?
- Does my product look good and stylish? Are competitors’ styles better than mine?
- How has the product been manufactured? What techniques have been used to solve a problem? Is my method better than my competitors?
- Is the product or solution what customer wants? Will customers prefer my product to that of my competitors? What changes are needed to make my product or solution more suitable for the customers?
- Is my product or solution safer than that of my competitor? Does it fulfill health and safety laws?
- Is the texture/color of my product effective?
- Are the materials I use suitable for this type of product? Are they quality materials or they are making the product appear cheap compared to my competitors’ products
- What is the environmental impact of my product? Does my product negatively affect the environment?
How to beat your competitor after conducting a feature-wise analysis of a product or solution
If you want to be better than your competitor, make sure your services or products are:
- Better quality- it makes all your actions justified including selling at a high price.
- Rarer- people are tired of seeing the same type of products everywhere they go. Offer something your customers can’t get anywhere else.
- Easier to use
- Safer to use- this is particularly important if your customers have kids.
- More efficient- is your product more effective and quicker than its rivals.
- More modern- your product or solution should reflect technology advancement.
- More beautiful