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What are the biggest advantages of conducting a competitive analysis before launching a new product or service in the consumer and marketing industry?

Jacquelyn Deeves

Conducting a competitive analysis before launching a new product or service is very important because it can help you understand your competition better. When you know who your competition is, you can find out what they are doing right and what they are doing wrong. This can help you make your product or service better.

Another advantage of conducting a competitive analysis is that it can help you identify gaps in the market. This means that you can find opportunities to create a product or service that nobody else is offering. By filling this gap, you can become the go-to provider for this particular product or service.

A competitive analysis can also help you to identify your target audience. When you know who your competitors are targeting, you can adjust your marketing strategy to target the same audience or focus on a different segment of the market.

By understanding your competition, you can also learn how to set yourself apart from them. This could be through offering a unique selling proposition, providing better customer service or having more competitive pricing. Setting yourself apart from your competition can help you stand out in the market and attract more customers.

In summary, conducting a competitive analysis before launching a new product or service can help you: understand your competition, identify gaps in the market, identify your target audience and set yourself apart from your competition. All of these advantages can help you ensure the success of your product or service in the consumer and marketing industry.