In the consumer packaged goods industry the competitive landscape is complex and continually changing. For any stage of food, beverage and wellness brand owners having a pulse on the competition is a key component of building a unique product offering that consumers want to purchase again and again.
Opal Rowe, founder of Stush Patties and a Venturepark Labs Incubator member shares her experience:
"When I started Stush Patties, the intention was to target a wider customer segment than other patty companies. This meant being able to identify and analyze our direct and indirect competitors. The competition is not only the companies that are selling similar products but also what the consumer sees as meeting the same needs that our product meets. As our product and the market evolves, we are constantly updating our competitive analysis and reacting accordingly."
See the free Competitive Analysis Park Guide for tips on how to set up a competitive analysis to inform product design and contribute to long term success.