When an entrepreneur plans to manufacture a product or offer a service, it does not come just out of blue. The offering will be the result of the urge to satisfy a need or a gap in the market or to deliver more than what is existing. The essential meaning is that there is always a scope and necessity for comparing the new one with contemporaries or the prevailing ones. Unless that distinction stands out, the new business idea is unlikely to take off. Hence, product comparison and their position determination in the market are mandatory for a successful venture.
How can the product be compared?
A comparison can be made only on the basis of established features of the competitor or predecessor. The following criteria always come handy for the first-hand comparison:
- The target customer should be able to features of the new product with the similarly running features of products coming from a different brand or having different values. When a mobile phone is highlighted with its superior camera features, the customer compares it with the camera and other supporting features of mobiles available at the same price or the prices of mobiles from other brands offering the same camera quality.
- If the product boasts of new technology, it can be compared with the success of other products using the same technology or similar products using different, but similar technologies. For example, when the product is automatic Bitcoin Tradersoftware, the trader compares it with automatic trading software with the same deposit on their real-time performance and returns.
- Your product will exactly fit in the market only if addresses the key areas highlighted in the promotion. The claims should be pertaining to the respective demands of the customers and comparisons have to be drawn on those key areas of functioning or service. Launching a new type of paint in a region with tropical rainy climate, the key feature of comparison will be on its durability in heavy rains, how it offers better protection to moisture content and fungal or algal growth compared to other paints in that market.
- For a new invention, there has to be a gold standard for comparison. If it is a completely new area business, then create a set of reference parameters to put forth while promoting the invention.
- Relying completely on comparative values may not be that effective as the response you get on advocating the quantitative indication of its performance. When a customer searches for a wall clip, she surely looks into the maximum weight it can support.