How Product Managers should research competitors?
It’s good to compete. It inspires you to continuously look for fresh approaches to stand out, satisfy client demands, and ultimately produce better goods. Any product manager must be able to investigate and assess competitors. Additionally, competition research goes beyond feature lists and pricing strategies to include a thorough understanding of your industry and the distinct value you offer.
Product managers can research competitors using several methods to gain a comprehensive understanding of the competitive landscape. Here’s a step-by-step guide on how product managers should approach competitor research:
- Identify Competitors: Recognize direct, indirect, and potential competitors.
- Conduct Market Analysis: Gather data on market size, growth, and key players.
- Analyze Offerings: Assess competitors’ products, pricing, features, and distribution.
- Perform SWOT Analysis: Evaluate competitors’ strengths, weaknesses, opportunities, and threats.
- Track Positioning: Monitor competitors’ brand messaging, target audience, and market positioning.
- Monitor Trends: Stay updated on industry trends, technological advancements, and regulatory changes.
- Benchmark Metrics: Compare key performance metrics like market share, customer satisfaction, and revenue.
- Use Competitive Intelligence: Utilize tools and services to gather actionable insights on competitors.
- Iterate and Adapt: Continuously refine competitor research based on evolving market dynamics and competitor strategies.
Competitive and Market Analysis of Product Management
Product managers must incorporate market research and competition analysis since they offer crucial insights into consumer demands, market dynamics, and the competitive environment. Product managers must comprehend the scale of the market, identify rivals, and evaluate their offerings to design and improve profitable products. To assist product managers in making wise choices and maintaining an advantage in the dynamic market, this guide examines the processes of market research, competitor analysis, and feature table construction.
Table of Content
- Market Research – Sizing the Market:
- Introduction to Finding Competitors:
- How Product Managers should research competitors?
- Direct, Indirect & Potential Competitors and Their Impact:
- Five Criteria for Understanding Competitors:
- Competitive and Market Analysis of Product Management:
- What is a Product Feature Table?
- How a feature table look and what you should write in it?
- Practice Building a Feature Table:
- How to Analyze Specific Feature?
- How to Monitor Competitors?
- What Do We Ultimately Care About as a Product managers?
- Conclusion:
- FAQs on Competitive and Market Analysis of Product Management: