This board helps you work through and understand what your competitors are doing in a certain area and shows you how you can identify your position within the market.
By plotting the analysis based on your customer's needs you ensure you are able to easily find the gaps in the market and how best to target them
Once you fully understand your market it is now time to understand the competition you will face within the market for your concept. This will enable you to describe what the competitive landscape is for your concept and help you to identify your positioning within the market.
Understand your two primary customer needs – These will represent the X&Y axis on your matrix
Identify your key competitors – Understand who the key competitors are in the market that are addressing the primary needs of your customers
Understand how competitors are meeting the needs of your customers – Position on the grid how the current competitor offerings are meeting the primary needs of your customers.
Understand competitor strengths and weaknesses – What is the competitors growth strategy (either stated or inferred)?Is there an opportunity for you to leapfrog the competitor? Is there are current gap in the market, and how would you differentiate your concept in this market? Who are the potential new entrants and how are they likely to differentiate themselves?
Understand what the commentators are saying – Research and document what prominent thought leaders / press are saying about the market and competitors and summarise.
Identify precedents – Research other geographies and/or adjacent markets to identify any precedents that are being set that could (or are starting) to effect your market.