Competitive Analysis

Why use this?

Understand the competitive opportunities and areas that may need focus to maintain or improve the product success.

What is this used for?

1. Identify competitive opportunities in a certain product space

2. draw inspiration from leading experiences

3. review against our current experience (if available)

4. Gain empathy and understand table-stakes expectations from consumers​​

5. Prioritize areas of focus in order to improve product success

6. identify strengths and weaknesses among offerings

7. identify differentiators (aka key areas of opportunity)

8. identify gaps in the market

9. assess business risks (e.g. threats)

What do I need?

Before you begin your analysis you will need:

• Stakeholder input and alignment on the objective and questions you seek to answer.

Tips

1. There are diminishing returns to scale. As you explore a larger number of offerings (more than 8) you will find less new information.

2. Less is more. Ideally 3-5 main aspects and 2-3 areas of focus underneath them will serve you well.

3. It’s common to go back to refine your categories and areas of focus as you learn more about the products and their space.

© 2023 ServiceNow, Inc. All Rights Reserved.

This template may contain links and/or reference third-party content and websites (“External Content”). External Content is provided solely for informational and reference purposes. You agree to use the External Content at your sole risk and expense. ServiceNow does not endorse or warrant the quality, accuracy, or veracity of the External Content, and shall not be liable for such External Content.