New Product Launch Marketing Guide and How-To Part 1 – Competitive Analysis

Launching a new product is one of the biggest challenges in marketing:

• New products have no reviews or social proof
• New products often launch with incomplete data and/or limited fitment
• New products don’t always fit the market

We’ve learned a lot about launching new parts and accessories over the 17 or so years we’ve been in business, so we’ve put together a multi-part guide as a reference. If you’re a parts or accessories manufacturer launching a new product, this guide is for you.

New Product Launch Step by Step

This is the first article in a series that address the seven key steps in the product launch process:

1. Competitive Analysis and Benchmarking (this article)
2. Developing and Testing Messaging
3. Pulling Together Essential Content
4. Web Content and Content Strategy
5. Generating Reviews and Testimonials
6. Awareness Advertising
7. Refine, Revise, and Retarget

Competitive Analysis

Unless you’ve developed a product for an all-new category, the first step in any launch is to analyze competing products. Analysis should focus on messaging, with some additional emphasis on pricing.

First, what features and benefits are your competitors promoting? Identify all competitors and try to answer these questions:

• What aspects of their products are competitors calling out and why?
• Do your competitor’s marketing messages make sense?
• How do your competitors differentiate their products in the marketplace? And are the features and benefits competitors promote unique?
• Do your competitors target specific facets of the market, e.g., “budget,” “premium,” “custom,” “professional grade,” and so on?
• Do your competitors mention specific applications or use cases in their marketing?

Next, what comments are end users making about competing products on social media and/or in reviews? End users will post questions and comments about specific products on social media as well as leave comments in reviews. It’s time-consuming, but it’s very important to analyze reviews and conversations to try and answer these questions:

• What are the most common positive and negative comments in reviews?
• What language are end users using to describe competing products? For example, if a lot of consumer reviews mention the word “sturdy,” make a note (good marketing messaging will use the same vocabulary as end users).
• Are consumers talking about competing products in terms of specific use cases? And are the use cases being mentioned expected or unexpected?
• What are some common complaints about competing products, and does your product address them?

Also, what prices are competitive products selling for, and does that pricing make sense? While pricing is not the key to a successful launch, good marketing helps consumers understand price differences. A product that’s made in the USA will probably cost more than a product that isn’t, for example. Some questions to focus on:

• Where are competitor’s products manufactured?
• What material(s) are competing products made from?
• What’s in the box? Do competing products include all essential hardware? Do competing products include accessories or add-ons?
• What kind of warranty do competing products include?

Pro Tip: Make a spreadsheet if you have more than one or two products to benchmark. Not only does it make this process a little easier, it’s a great resource for future reference and a great tool for communicating product launch needs to executives.

Competitive Benchmarking

While you’re reviewing competitor’s products, it’s important to make note of what competitors are doing to market their products (in addition to what they’re saying).

Some things we will make note of during benchmarking:

1. Product specs – Automotive products often have detailed specs – everything from a detailed list of “what’s in the box” to performance specs to cross reference part numbers to bolt descriptions that include thread pitch and diameter (some companies get super detailed). What specs are most competitors including in their product descriptions or attributes?
2. Product photography – Are any competitors shooting the product from several angles? Taking 360’s? Doing lifestyle shoots? Providing before and after install photos? Zooming in on specific product details? Are there product infographics?
3. Product video – Are any competitors doing a “deep dive” video explaining their technology or know-how? Is there an install video, and if so is it vehicle-specific? Are there any promotional videos?
4. Product PDFs – Do competitors provide installation instructions, a warranty guide, a troubleshooting guide, etc. as a PDF? Do they provide any PDF brochures or one-sheets?
5. Product FAQs and blog content – Answering frequently asked questions is a best practice – what questions are competitors answering? Are any of the questions unexpected or unusual? Are there any videos, white papers, or other assets that answer questions and/or promote unique features?
6. Packaging – Are competitors using premium or unique packaging? Does the packaging try to build value in the product, or is it basic and plain? Oftentimes high-quality packaging is associated with great marketing, so pay extra attention to brands that invest here.
7. Customer service – Can the end user call a competitor to ask product-specific questions, or would they have to email? If you call and talk to a competitor’s customer service team, will they answer technical questions over the phone? Do competitors provide install support to DIYers and professionals, or just professionals? Do competitors refer callers to an online help guide instead of answering questions over the phone?

Review and Next Steps

Complete the analysis and benchmarking process by summarizing all of your notes and answering three questions:

1. How are competing products being marketed?
2. What are the key differences between your product and competing products?
3. What photos, videos, specs, etc. are needed to market your product successfully?

In the next article, we’ll use the answers to these questions to develop and test messaging.