To ensure that how many competitors are going to compete with you in the upcoming scenario, this is the most important factor that we have to know about our competitor’s product, it’s hot and dull points.
There are two types of Competitors
Direct Competitors:
Direct competitors are those that compete directly with you in the same niche with the same product and price range. For example, if a vendor sells a stainless-steel bowl for a high price and you sell the same product for the same price, you are considered a direct competitor.
Indirect Competitors:
Those competitors who compete with you indirectly according to niche with different products and price ranges, for example, a vendor sells a hanger in plastic material and black color at a low price, while you sell stainless steel hangers at a high price. This is an indirect rivalry, but it can categorically impact you.
To evaluate any product’s red and green points, we’ll go through different sections of the specific product. To investigate various aspects of the substance to gain a better understanding of the consequences
Product Title:
Compare product titles using the Amazon format of brand + model + attributes + product category. In addition, consider the product title from the perspective of a shopper. Make sure it’s educational and doesn’t have any commercial messages. As shown in the following example
Product features (bullet point)
Look at the product attributes, which are located to the right of the product images. Examine your unique selling propositions (USP), especially those that are highlighted by your competitors. And how does the company combat these issues?
ii. Bullet Points
Product description
Now it’s time to get down to the product summary. Examine what additional details the vendor fails to offer or what it does provide on the product. Is the knowledge delivered in an original, easy-to-read format?
iii. Product description
Product Q & A
Continue walking to the segment with the questions and answers (Q & A). Check to see if the seller participates in answering shopper questions. What’s more, what kinds of questions do customers have, and how do you use that information in your product listing?
iv. Question and Answers
Product images
What kind of product photos does the listing provide, and how good are they? Do they have product photos that your team should recreate, such as those demonstrating how your product is used?
V. Product Images
Reviews and Rating
Ratings and reviews must be taken into account when determining a competitor’s success rate. Every seller has some positive and negative characteristics that you can examine through its ratings and reviews, and this information will be useful when you go into manufacturing.
vi. Reviews
vii. Ratings
How a Product Research & competitor analysis is done?
When we gather all of the data and statistics for a particular product, we must compile the information into a report. Your analysis process, visual statistics (screenshots), and patterns must all be included in this study. You can include data from your assisting tools like H10, Viral Launch, and Jungle Scout. The FBA calculator is the most crucial part of this study. Finally, you must have a clear plan of action on how you can enter the particular niche and benefit using the following strategy.