Using competitive intelligence, your product marketing team can gather actionable insight into competitor offerings and map out how to best improve and iterate on your own product. Through competitor product reviews and website updates, your product marketing team can stay up to date on the market as a whole and anticipate any trends and changes that may take place in the future.
Choosing the right price for your product can be a daunting task. It’s important that you choose a price point that your audience can afford, without pricing too low as to reduce margins. It can be helpful to identify competitor product pricing and any changes made in order to successfully price your own product. Additionally, competitive reviews can show if competing products are seen as too expensive or if the perceived value aligns with the price.
Your product marketing strategy is critical for driving product adoption. Understanding how your competition attracts new prospects and remarkets to existing customers will certainly help to sharpen your own product marketing strategy. It is important to promote your product and marketing content with your competitors in mind. Use competitive intelligence to track your competition’s social activity, PR, website changes, content offerings, and events to make sure that your product is also visible to your target audience.
Where and how your prospects buy can shape your product marketing strategy quite significantly. If you sell through a channel or distributors, you may find that sales collateral is needed to support partners, whereas if customers can enroll online without sales involvement, there is more reliance on website content such as pricing and landing pages. Product marketers should look to see how competitors sell to the same audience to better position your product uniquely and highlight key differentiators.
Download this product launch toolkit for everything you need to prepare, execute, and evaluate your next product launch.
This resource toolkit includes a Product Launch Playbook, a Product Launch Retrospective, and an On-Demand Webinar.
Looking to get deep intel on your competitors’ moves? Check out Crayon’s competitive intelligence software.