What are the best competitive analysis techniques for new markets?

2 Competitor Mapping

The next step is to map out your competitors in the new market. Competitor mapping is the process of identifying and categorizing your direct and indirect competitors based on their offerings, features, benefits, prices, and market positions. By mapping your competitors, you can visualize the competitive landscape, assess the gaps and opportunities in the market, and benchmark your product against the existing alternatives. You can use tools like SWOT analysis, Porter's five forces, or value proposition canvas to analyze your competitors and their value propositions.

3 Customer Journey Mapping

The third step is to map out your customer journey in the new market. Customer journey mapping is the process of creating a visual representation of the steps, interactions, and emotions that your customers go through before, during, and after using your product. By mapping your customer journey, you can identify the pain points, needs, and expectations of your customers at each stage, and design solutions that address them. You can use tools like personas, scenarios, or storyboards to create your customer journey map and empathize with your customers.

4 Feature Prioritization

The fourth step is to prioritize your product features in the new market. Feature prioritization is the process of selecting and ranking the most important and valuable features for your product based on various criteria, such as customer needs, market demand, competitive advantage, or feasibility. By prioritizing your features, you can focus on delivering the most value to your customers and differentiate your product from your competitors. You can use tools like Kano model, MoSCoW method, or RICE score to prioritize your features and validate them with your customers.

6 Competitive Advantage Building

The final step is to build your competitive advantage in the new market. Competitive advantage building is the process of creating and sustaining a superior position in the market that allows you to attract and retain more customers, generate more revenue, and achieve higher profitability than your competitors. By building your competitive advantage, you can leverage your strengths, exploit your opportunities, mitigate your weaknesses, and counter your threats. You can use tools like value innovation, blue ocean strategy, or lean startup to build your competitive advantage and innovate continuously.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?