From the course: Defining Your Unique Selling Proposition with Market Research
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Competitive analysis: Identifying gaps and positioning your brand’s USP
From the course: Defining Your Unique Selling Proposition with Market Research
Competitive analysis: Identifying gaps and positioning your brand’s USP
Understanding your customer needs through market research is just the beginning. Now, let's explore how to use competitive analysis to find the gaps in the market and that sweet spot between what customers want and the gaps that exist. Here's how to conduct a competitive analysis that isn't overkill and still gives you exactly what you need for your USP. This process involves merging what you learned about your customers with an evaluation of your competitors. The goal here is to understand how your brand is positioned in relation to others and to spot those open spaces where your product could really make an impact. So how do you conduct this specific type of analysis? Let's do it. First, identify the key values or features your customers talk about. Plot these needs on a series of two-by-two grids, so X and Y axes. For example, you might create one grid that shows an X-axis for quality and a Y-axis for price. So something that looks like a plus sign. Another might capture innovation…
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