How to Monitor Competitors?
Competitor monitoring is a crucial aspect of business strategy, involving the systematic observation and analysis of rival companies’ activities, strategies, and market positioning. By staying informed about competitors’ actions and trends, businesses can identify opportunities, anticipate threats, and make informed decisions to maintain a competitive edge in the market.
- Know Your Rivals: Focus on the main competitors that affect your business.
- Use Tools: Use special tools to gather information automatically about what your rivals are up to.
- Keep an Eye Online: Look at your competitors’ websites, social media, and what customers are saying about them online.
- Stay Updated: Sign up for newsletters and alerts to get updates about what your competitors are doing.
- Go to Events: Attend industry events to learn more about your competitors and what they’re doing.
- Check Their Prices: Keep an eye on what prices your competitors are charging for their products or services.
- Be a Secret Shopper: Secretly check out your competitors’ products or services to see how they’re doing.
- Compare Numbers: Compare important numbers, like how many customers they have or how satisfied those customers are, with your own.
- Stay Flexible: Be ready to change your plans based on what you learn about your competitors.
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: