Competitive analysis 💡requires creativity. Why❓Because nobody wants to share the information you need.
This is the moment. You need to get information about your competitors. Where to start❓
Start from your product and target audience. Revise the positioning and the target audience. It will allow you to make sure nothing changed from your last revision and to understand who are your competitors.
Where to get a list of competitors:
🔴 Win/loss analysis can show you who you competing with
🔴 Think about alternative ways to solve the customer’s issue. For one of my products, the competitor was a piece of paper with the list of names and phone numbers that secretaries keep on their desks.
🔴 Recent mergers and acquisitions in your space can attract your attention.
🔴 Market trends. Which companies try to enter your market and potentially can grow their product to compete with yours.
🔴 Google. Never hurts to search using the keywords to uncover the new segments you never heard of and the new market players.
🔴 Product Hunt. What’s new there and who received the funding lately?
Where to get information about competitors’ products?
✅ marketing site. It contains screenshots and descriptions.
✅ demo videos. Not everybody has it, but it is worth trying.
✅ Youtube channel. New feature guides, comparisons.
✅ secret shopping. Not every competitor allows you to buy a product without the sales team screening. You need to be prepared and have a story. By the way, most sales teams immediately search for you on LinkedIn. Sounds like, Agent 007 job, right?
What exact information do you need for your research:
✅ Marketing positioning. what target audience they refer to? How do they do that?
✅ Industry terms. Are there well-known industry terms or each company tries to establish their own language?
✅ Sales: what is the sale\quoting process? Is it just the online account creation or you need to talk to the sales team? What does the sales team ask about?
✅ Onboarding: what is the onboarding process? how easy it is to understand what do you need to do? Did you receive an email with the first steps instruction?
✅ for B2B: do they have any separation in flows for the small/large companies?
✅ for B2B: Integrations: does the solution can be embedded in the existing companies ecosystem?
✅ Features: do you understand what features do you have? Feature research.
✅ UX: Is UX their competitive advantage?
✅ Reporting: How sophisticated is the reporting? Are there custom reports, dashboards, reports builder, BI integration?
✅ Mobile/Tablet versions? If applicable.
✅ Explanation of charges: do you understand what are you paying for? (especially important for B2B)
✅ Customer care: do you understand how can you get the support? On which channels: phone, chat, SMS, social media?
✅ Knowledge Base: can you use it to find the answers?