How to do a Competitor SWOT Analysis [Fuelband Example – VIDEO]

competitor SWOT analysis

In our last video blog, we talked about the importance of measuring product reviews during the product development phase. But how can you use product reviews once a product is in the sales cycle to see how you stack up against competition? If you’ve ever taken a Business 101 class, you’ll know that performing a competitor SWOT analysis outlines the strengths, weaknesses, opportunities and threats of a product or brand.

The Channel Signal twist is that you are able to perform that competitor SWOT analysis using the voice of the consumer via product reviews.

Channel Signal is a product review aggregator that pulls your reviews (and those of your competitors) into one analytics platform. This allows you to easily perform a SWOT analysis between your product and your competitors.

Why is that beneficial? Because 90% of customers read these reviews when making purchasing decisions. They matter.

Nike FuelBand Competitor SWOT Analysis Example

In this week’s Whiteboard Wednesday video, we take a real life example from the Nike FuelBand. The FuelBand was launched in 2012 and within just two years, it was announced that Nike had fired half of the FuelBand team and that they would stop making wearable tech. Now, the product has not been discontinued but the fact remains that the FuelBand launch was not successful. So, let’s use it as an example.

What went wrong with the FuelBand? How could Nike have done a better job of incorporating product reviews into a SWOT analysis to ensure the FuelBand was better than the competition?

 

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