How can you ensure your team is aware of competitors?

In the automotive industry, a product manager at an electric vehicle (EV) manufacturer might establish a comprehensive competitor analysis program to keep the team informed. This program could involve quarterly workshops where the latest models released by competitors are examined. For instance, if a competing EV manufacturer launches a car with advanced autonomous driving features, the team would dissect the technology's specifications, customer reviews, and marketing tactics. They might even bring in the competitor's vehicle for a hands-on workshop, allowing the engineering and design teams to experience these features firsthand.

Keeping your workforce aware of competition is critical, but it must be done intelligently. Send out regular, succinct emails detailing major competitor moves, technology, and tactics. Encourage open dialogue and the exchange of competitive insights during team meetings. Review competition analyses on a regular basis to ensure comprehension. While keeping up with the competition is important, don't let it distract you from important projects. A balanced, targeted approach guarantees that your team obtains essential information without getting lost in the noise. Maintain your focus on executing your strategy while proactively monitoring nearby environments.

To ensure your team is aware of competitors within the defined competitive landscape, start by conducting regular competitive analysis, gathering information on industry trends, and monitoring competitor activities. Share competitive intelligence with your team through reports, presentations, and discussions, emphasizing the potential impact on your project or product. Encourage team members to stay informed by subscribing to industry newsletters, attending conferences, and participating in industry forums. Foster a culture of curiosity and learning within the team, prompting them to proactively seek information about competitors.

When we encounter a potential customer who is currently using products from our competitors, its a valuable opportunity to gain a comprehensive understanding of the consumption patterns and preferences within our target industry. While there are numerous online tools available for research, it's worth noting that firsthand insights through word of mouth can often be more precise. Even if the customer has already reviewed our product specifications and found them unsuitable, being an active user of our competitors' products, these customers possess an in-depth knowledge of the pros and cons, making it easier for us to assess our own product's strengths and weaknesses without benchmarking competitors product from scratch.

The most insightful method we used to benchmark our (digital) products with competition was to run Stealth Research days, where we had users completing key tasks in our product and the product of the competition and scoring different dimensions. By that we were able to understand how the products are being used better, found out how changes to the products were perceived and what aspects in the product (and especially in the differences/ gaps between the products) were more important or less important for a user. That, next to general KPIs and benchmarking tools, was one of the major information source for us and input in our product development.

I would even say foster a culture of "healthy paranoia". By that I do not mean that you should be too afraid of your competition, but staying focussed and attentive on trends, developments and breakthroughs. This will enable you to pivot if needed.

Important rule: respect business competitors. Think of them as teams in the same game. Make a list of competitors, find out who their customers are(interview them if possible), and have your team try their products, noting what they like and dislike. This will assist in exploring various product strategies by utilizing data from different perspectives or stages of the business.