Competitive Analysis Framework
What is Competitive Analysis?
Identify your competitors and evaluate their strategies to determine their strengths and weaknesses relative to our product or services.
Why use Competitive Analysis Framework?
A competitive analysis framework is a model you can use to help identify and define critical factors by researching the competitor's data. This template is purposely crafted for startups to gather insight from their competitors comprehensively by guiding the process step by step, combining several analysis methods to get better results on deciding your product strategy.
How to use Competitive Analysis Framework?
Before starting to use Competitive Analysis Framework, you need to search competitors relevant to your product solution and target market.
Looking up your keywords and rank on App Store, App Annie/App Radar or Search Engine.
Observe Customers' feedback or review of competitors’ service.
Checking competitor social media presence and customer response
Get some references from the directory listing as additional references.
Check recent industry market reports to get insight of the competition. After collecting relevant data of the competitors place your findings according to these steps: 1. Fill the Competitor Diamond Canvas based on types of competitors: Direct, Indirect, Substitute, Potential and Disruptive. 2. Move specific competitors that competing against you into Magic Quadrant: Leader, Visionaries, Niche, Challengers. 3. Filter and select around 3-5 competitors from Magic Quadrant into Comparison Matrix you want to compare the factors from each of them. Then summarize your interesting findings
In the end, you can use the findings to decide what features of products to be prioritized or marketing strategies to win the market. This Competitive Analysis Framework is customizable to accommodate your needs and can be used partially on each canvas.
Categories
