Tool details
Competitors analysis
Understand what your competitors are doing and how to best differentiate yourself from them.
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When to use
Before market introduction or to reposition a product.
Why you should
Knowing what the competition is doing, allows you to prevent and counter with your own strategies.
What you get
An analysis of your main competitors and historic data of their strategies.
Steps to take
Identify the competitors of your product.
For each of the competitors describe, as best as you can, their objectives and goals.
List the strategies the competitors are using.
Identify the strengths and weaknesses of each of the competitors.
Analyse what strategies you need counter and/or react to and which market segments make sense to tackle.
Track competitors’ performance over time, to understand trends.
Further reading
It can be wise to also include indirect competitors, so with a different product but solving the same issue with a different one.