Competitor analysis part 5

There are fundamental keys you must follow when looking at your competitor's audience or client base. Because there will be reasons to why they are buying that competitor's product or service rather than other's product or service and it is those reasons you want to gain. And the tool to use in helping to gain those reason are the following

• Competitor's audience age range

• Competitor's audience location

• Competitor's audience Product preference

• Competitor's audience product reviews

If your competitor is selling a product that can be target to any age range but mostly target a specific age range, then you should pay attention and figure out why . A specific age range could be more interesting than another in the product or service you offer. An example is that fact that smart phone are design for all age group but because people age between 24-35 use the most social media, they are more likely to be the one buying smart phones since social media is the most common activity been conducted on smart phones.

The location of the competitor's client is also important because it could tell you about which middle class society is wealthy enough to be able to afford the cost of the product or service that you offer. You must make sure that the product you sell is sold to as much people as possible and planning to settle in a location could be an advantage for you because you are looking for a society where the people are interested in the product you sell and are wealthy enough to afford it this will build a demand for your product. An example could be that for the past years smart phones have been sold in the west but manufactured in south Asia the reason been that western societies are wealthier and are interested in smart phones creating a huge market of smartphone buyers while the product was only manufactured in south east Asia and not sold there

As the people where not as wealthy enough to afford those goods So you should look for where the competitor or what location the competitor is selling the product to. As this could give you a clear view of where your product could be widely in demand

This could be a very tricky one as it could be related to if the client sell lots of different various of the same product. The client might sell all types of product and service and this mean that they might sell a v ariety of the same product or service this will make it harder to make a fix analyse of what client's interests are. but you will have to make numerous lists for each of the competitor's client preference. But this is only if the client is selling different variety of the same product. And w hat you

will want to do will be to find if they each have a different feature on them that will make a client like it more than the other product and record that feature. but most importantly you w ill identify which for the numerous product that the competitor is selling have the most favourability to the clients. Which is the one that people buy the most and notice why or what extra or special function or feature that it has that the other do not and analyse that feature.

When identifying all of those features identify the one that are increasing in demand and the ones that are decreasing in demand as this could be a reason the client is selling multiple version of the same product or service because there are more innovative features coming up so they are designing their latest product with that new features to keep up with demand this is why you should be focusing on all of the features and analyse the one that in increasing in demand and the one that is decreasing in demand. But if this is going to be costly to you, then you will have to make sure that you focus on the product out of all of them that has the most client preference for any unique features that it has. And link it to your product or service

When the client will be using the product or service that that your competitor is presenting, they will have positive reviews or negative review based on the product that the client is offering. You w ill w ant to know what are all positive and negative reviews that the competitor's client are posting about the product but especially the negative one. There are lots of ways for this to happen one way is to search for them online on places w here the competitor interact with their client like their social media group or even their website. And analyse those reviews.

The reason is because no one can make the product that its perfect no company can design a product that the client is completely satisfy with the client will always want an upgrade. So the best companies can do it guest the closest to what the client will want. By you knowing what the client have already liked, which is the product they are currently using, and you knowing the extra feature they want which is the review and feedback they are placing about the product or service, You are already at the same stage as your competitor this mean that if you manage to use both of those information which is what the client currently like and what they will want, to create a product that have both of those then you could see an interest in that product. That will drive you directly to the competitor's level by your first attempt as a start-up in that market