compass

Successful products based on market and competition analysis

What makes your market and competition analysis successful?

Market and competition analyses as carried out today rarely meet expectations.          In other words: effort and benefit are not in proportion to one another.

The interest in „benchmarking“, comparing with the competition, is growing steadily – not only thanks to rapidly increasing globalization and digitalization. Nevertheless, these trends make market and competition analyses all the more important. The high expectations of decision-makers are often not met.

In our experience, there are two main reasons for this:

  • On the one hand, simple „product feature benchmarks“ do not provide sufficient insights.
  • On the other hand, obtaining and cleaning the required data is very time-consuming and often does not receive the required attention.

A successful product strategy is based on external input

Successful products can only be built if, in addition to the „inside-out“ view of one’s own products, sufficient knowledge of market needs and the competition is also available. Because only then new products can be

  • Customer-oriented – successful products solve a real customer problem.
  • Differentiated – successful products stand out from those of the competition.

That is why, with our innovation-driven approach, we bring together the three perspectives „market“, „products“ and „competition“:

  • Comparison of products with market needs provides insights into „product-market fit“
  • Comparison of products with the competition reveals own strengths and weaknesses

Structure and benefits of our approach

A successful market and competition analysis is not a project, but a continuous task! To realize this, the required data basis is needed –  always up to date and qualitatively high. The most promising leveraging possibility for optimizing the cost-benefit ratio is therefore automating data retrieval as well as cleansing as far as possible.

The software implemented in the „compass“ innovation-project is based on a continously steady state of knowledge about the needs of relevant market segments and the company’s own as well as the competitors products. Based on this, we perform AI-supported, automated analyses that deliver insights of unprecedented quality. We achieve the greatest possible benefit by sharing our insights with a broad user base within the company. In addition to product management, these are primarily marketing and sales, but also management or controlling.

Our goals from the user’s point of view:

  • Aligning the target market with real market needs.
  • Identifying new product opportunities
  • Targeted development of existing products
  • Better understanding one’s own USP and also being able to communicate it
  • Better pricing strategy and benefit argumentation for product management, sales and others
  • Stabilization of market and competitor analyses with significantly reduced effort
  • Automated data acquisition and observation of the competition

Software features

  • AI-based analyses with innovative and meaningful visualizations
  • Simulation of benchmarks for new products even before development: „Find the next Cash Cow“.
  • Finding suitable products, incl. benefit argumentation for a give competitor’s product
  • Analyzing and visualizing historical data (e.g. price development per region or industry)
  • Information transfer: Use of the results by other roles in the company

Testimonials

Kai Teckentrup

CEO | Teckentrup GmbH & Co. KG

For Teckentrup, 'compass' is interesting for making the process of competitive analysis more cost-effective, more regular and more integrable with other applications. It promises to provide important insights about the market when they are needed.

Bernadette von Wittern

Owner | PRODUCT LOUNGE

Market and competition analysis is not a project! Good results can only be achieved through a continuous approach.
Simple 'product feature benchmarks' do not provide sufficient insights. Instead, customer needs must be at the center of identifying successful products.

Jonas Urlaub

Head of Digitization & IIoT | Fritz Kübler GmbH

An analysis of the market including the competitors is very important for us in the Kübler Group. Our 'compass' project simplifies this with innovation and the possibilities of today's technology. The resulting software helps us to prepare a sustainable database.

Get in touch!

Are you interested or do you have any questions about the compass project? We look forward to hearing from you!
Contact us