Explore > Competitor Analysis
Why
By measuring your products or service against competition allows you to position the product in the market effectively. The continuous monitoring of market dynamics will help you respond to market changes in timely manner.
How
- Define the industry you are in – scope and nature of the industry.
- Determine who the relevant competitors are.
- Direct competitors
- Indirect competitors
- Determine the customer segments they target and the primary benefits provided.
- Analyze their marketing taglines and main messages to the market.
- Determine the key aspects for driving adoption and use – for example, price, service, ratings, convenience, marketing and inventory
- Quantitatively rank the key success factors by giving each one a weightage.
This analysis can be performed on a two-dimensional matrix with competitors listed as columns and key success factors as rows.