Understand and profile competitors

Competitor analysis is the process of studying other products that solve the same problem as yours to see how they create value and where they fall short. A complete view requires looking at both direct competitors, who serve the same audience with a similar offer, and indirect competitors, who address the need differently. For instance, a fitness tracking app may compete directly with Strava or Fitbit, while its indirect rivals could include paper journals or personal trainers.

When analyzing a competitor, gather practical details that matter to users:

• Examine core features, pricing strategies, and the design or usability of the product.
• Read customer reviews to identify frustrations or recurring praise.
• Pay attention to how the brand positions itself: is it selling speed, quality, affordability, or community?
• Organize this information into a short profile with key points on the target audience, main features, and pricing.

This structured view allows you to compare competitors side by side and uncover patterns you can learn from.^[1]