- there is a lack of external view. You have no alignment with the market or objective customer behavior due to focus on internal data sources
- the time expenditure for obtaining and preparing product data is too high
- the basis for decision-making when comparing technical properties is limited
These quotes are from our study Product Management – Download study now
Successful products can only be designed if, in addition to the internal view of one’s own products, sufficient knowledge about market needs and the competition is available. For this, it is essential to include sources of information from outside one’s own four walls.
The most common form of competitive analysis today is the product benchmark. If this is carried out purely on the basis of the technical characteristics of the products, however, the insights gained are rather limited. Depending on the use of the product, different characteristics are relevant – or not. Our approach addresses to this by including use in the form of regions, industries and applications into the comparison.
In addition, we match this subjectively created picture of the correlation between product portfolio and market needs with the objective buying behaviour of customers. To do this, we integrate the prices and discounts at which the products were offered in the respective regions and industries.
Because this innovative type of benchmarking based on product use relies on a high-quality database even more than the classic approach, we automate the procurement and cleansing of this data as far as the use of technology and AI methods allow.
We help product managers make better decisions faster!
- Solid basis for decision-making through benchmarks based on product use
- Better quality of permanently available data and analysis results
- Significantly reduced (manual) effort in data procurement
- New insights by linking previously unused data sources
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.
- 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
- 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