They must create value for money for long-term profitability and valuation.
While recognising the benefits of competitor analysis, the author emphasises that it should be treated as benchmark alone, to save a product from becoming a shadow of the competitor’s. The piece states that successful companies look to innovate and not just replicate. But if replication seems unavoidable, brands must ensure that it brings something “new to the table”.
Pricing influences the impression a brand makes on its consumers. Companies must create value rather than indulging in “mindless price wars”. For long-term profitability and valuation, value for money must be created.
The article adds that qualities like value for money, ease of use and fast deliveries will always be demanded from brands. Companies must always focus on such unchanging factors. Additionally, leveraging the winning combination of creativity, communication and collaboration are suggested.
[4 minute read]