1. Optimize Product Design With Corrected Competitive Insight
Identify your competitors: The first step is to identify your competitors. You can do this by researching companies that offer similar products or services to yours. Once you have identified your competitors, you can start analysing their products, marketing strategies, and customer feedback to gain insightsintotheirstrengthsandweaknesses.
2. Make Your Product Strategies More Normalized And Competitive
Conduct Market Research Before developing your product strategy, you need to conduct market research to identify your target audience, their needs and preferences, and what your competitors are doing. This will help you determine where you fit in the market and what unique value you can offer toyourcustomers.
3. Analyse And Standardize Product Attributes By Comparing Product
By analysing and standardizing product attributes through comparison with other products in your category, you can gain valuable insights into what consumers are looking for and how to develop products that meet their needs. This process can also help you establish a clear set of standards for your products, which can be used to guide productdevelopmentandmarketingefforts.
4. Offers An Option For DataDriven Assortment Optimization
Data-driven assortment optimization involves using advanced analytics and machine learning algorithms to analyse customer data and market trends to identify the optimal assortment of products to carry in a store. By leveraging these insights, retailers can make informed decisions about which products to stock, which products to discontinue, and how much of each product to carry.
