![]() Gather intelligence about each competitor and compare your findings to identify their relative strengths and weaknesses.Ĭompare your unique, best, same, and poor capabilities against your competitors and consider their importance to customers.Ĭreate a detailed comparison of the features included in each product and use Harvey Balls to show the degree to which they are complete.ĭetermine how easily your competitors can imitate your key value so you can identify the strengths and weaknesses of your offering and market position.Īnalyze the basic, expected, augmented, and potential benefits of your product to define a strategy that sets you apart from the competition. See where your company fits in the overall market landscape and position alternative vendors based on their strengths and weaknesses.Ĭapture key information about each competitor, including important details about the company, product, and features.Īssess your competitors using a set of scoring metrics and weigh the relative importance of each attribute. Listed below are the pre-built examples included in this guide. When considering which template to use, it is important to think about the factors you want to analyze and how you will share your findings. ![]() There are many different types of competitor analysis. What are the types of competitor analysis? It allows you to formulate an approach that considers the strengths and weaknesses of your own offering relative to the competition. Product and marketing teams use these findings to inform their strategic plans and determine what will make their product a success. How can you differentiate your products and services? How do your own products and services compare? What products and services do they offer? Who are the other companies vying for customers in your market? Your competitive analysis should answer these core questions: This gives you important insights into how other companies are trying to provide value to your target buyers. ![]() It is also a great way to evaluate other vendors' strategies so you can assess their strengths and weaknesses. This helps you identify alternative ways prospective customers can solve their problems. If you are not yet ready to do that, get started with the templates below.Ī competitor analysis is a useful tool to understand the market landscape. Of course, if you want to quickly capture competitive information, build product roadmaps, and define go-to-market strategies using a collaborative and web-based approach, you can try Aha! Roadmaps - free for 30 days. The free Excel and PowerPoint templates provided here make it easy to organize and communicate your competitive research. Considering all the options available to your prospective customers helps you differentiate your offering and establish a sustainable competitive advantage. Indirect competitors offer a different type of product that serves the same need. Direct competitors offer a similar type of product within the same market. This requires a deep understanding of all the alternatives that are available to them - including direct and indirect competitors. Your research should focus on understanding how customers are coping with the problem today. It also allows you to set strategies that address the needs of your prospective customers better than your competitors can. This helps you identify opportunities and threats. Once you have defined the vision for your product and the customer problem you are solving, it is essential to understand the other companies in your market. ![]() A competitor analysis is an important part of your business plan.
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