Why do a competitive analysis?Ĭompetitive analysis is a fundamental product management instrument. The end result is a holistic overview of your competitor landscape. When conducted thoroughly and regularly, a competitive analysis provides you with tons of information that can be used to improve and optimize your product. What trends are happening and how might they change the playing field?.What value do we need to provide to make our product stand out in the market?.What price are customers willing to pay for our product?.What should we avoid introducing in our product?.What barriers do competitors in the market fce?.What are they currently not getting from our product with regard to those expectations?.What are the ideal customer’s minimum expectations?.Which other companies are providing a solution similar to ours?.More concretely, it’s an assessment of your competition’s offerings, strategy, strengths, and weaknesses.Ī competitive analysis helps you answer questions such as: What is competitive analysis?Ĭompetitive analysis (sometimes called a competitor analysis or competition analysis) is exactly what it sounds like: a structured approach to identifying and analyzing your competitors. That’s why you need to perform a competitive analysis.Īs the band Rage Against the Machine would say, know your enemy. Even if you have the best product in the world and you know there is a market for it, if you don’t understand your competition, you‘re bound to fail. Maintaining a competitive advantage is the goal. Moreover, it provides guidance to help you assess yourself and your competition to gain an advantage. It provides great strategic and tactical advice. The Art of War is an ancient Chinese military textbook that, although dated somewhere between ~500–400 B.C., is one of the most influential management books out there to this day. It’s now time for you to dust off your copy of Sun Tzu’s T he Art of War. Based on this data, you believe your marketplace can reach product-market fit quickly. You did some market and user research and have a good idea of your ideal customer and their (underserved) needs. You’re confident your product will take on Etsy and other big players in the market. The objective is to connect buyers with sellers to fulfill their tailored and customized product needs. Picture this: you just came up with the next disruptive, game changing, AI-powered e-commerce marketplace. Alternative competitive analysis frameworks.Develop a holistic overview and strategy.We’ll also provide a list of customizable, free competitive analysis templates for you to use when completing these steps on your own. Through the tutorial, we’ll refer to examples to demonstrate how each step of a competitive analysis works in practice. In this comprehensive guide, we’ll define what a competitive analysis is, describe the benefits product teams stand to gain from conducting one, and walk through the steps of how to do a competitive analysis. What is competitive analysis? Template, examples, and how-to I enjoy energizing and motivating teams that create and exceed product expectations. Klaas Hermans Follow Lifetime in digital and innovation, ensuring value delivery.
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