Is a new competitor entering your consumer packaged goods (CPG) product category? If so, you can defend your ground (and shelf space) if you stay a step ahead of new entrants.
How? First, it’s important to know your competitor’s story, and how they position their product to buyers. You also need to:
- Identify the weak spots of your competitor’s product (e.g., price, package design, product features) and then optimize your product strategy accordingly.
- Investigate how crowded or exposed the current market is for the particular type of product, then identify the gaps your competitor is trying to fill and get there first.
To make these assessments, you need access to a reliable source of data. If you’re concerned about a new competitor, make sure you know how to use CPG market data to effectively secure your position in the industry.