Analyzing competitive landscape
Competitive analysis helps you position your product by identifying market gaps and opportunities to stand out. A thorough analysis looks at both direct competitors (similar solutions for similar customers) and indirect competitors (different solutions to the same problems).
For each major competitor, document:
- Target customers and segments they serve
- Core value proposition and messaging
- Key features and capabilities
- Pricing strategy and business model
- Distribution and go-to-market approach
- Strengths and weaknesses
Look for patterns that might reveal underserved segments or needs. Use visual tools like perceptual maps to show how competitors position themselves on dimensions like price/performance or simplicity/comprehensiveness.
When done effectively, competitive analysis can reveal opportunities that competitors have missed.
Pro Tip: Document your findings in a central, easily accessible place so stakeholders and anyone interested in your team’s work can quickly understand how the competitive landscape influences what you're building and releasing.
