Understand what your competitors are doing and how to best differentiate yourself from them.
1. Identify the competitors of your product.
2. For each of the competitors describe, as best as you can, their objectives and goals.
3. List the strategies the competitors are using.
4. Identify the strengths and weaknesses of each of the competitors.
5. Analyse what strategies you need counter and/or react to and which market segments make sense to tackle.
6. Track competitors’ performance over time, to understand trends.
WHEN
Before market introduction or to reposition a product.
WHY
Knowing what the competition is doing, allows you to prevent and counter with your own strategies.
NOTE!
Also include indirect competitors, so with a different product but solving the same issue with a different one.
OUTPUT
An analysis of your main competitors and historic data of their strategies.