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What are the most effective ways to conduct competitive analysis during product planning?

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Competitive analysis is a crucial part of product planning, as it helps you understand your market, identify your strengths and weaknesses, and position your product effectively. However, conducting competitive analysis can be challenging, as you need to collect, analyze, and communicate relevant and reliable information. In this article, we will share some of the most effective ways to conduct competitive analysis during product planning, based on our experience and best practices.

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1 Define your scope

Before you start your competitive analysis, you need to define your scope clearly. This means identifying who your competitors are, what products or features they offer, and how they compare to your product or vision. You can use various criteria to segment your competitors, such as target market, value proposition, pricing, distribution, or customer feedback. You can also categorize your competitors as direct, indirect, or potential, depending on how closely they match your product or solution.

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Patrick Wall

Product Marketing and Enablement Leader | Award-Winning Competitive Intelligence Expert | Keynote Speaker | Advisor
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When defining your scope for competitive analysis, one key area is understanding who your actual competitors are vs. the "noisy competitors." Use sales and CRM data to analyze who you are competing with the most and which competitors are costing the most in loss revenue. This will help to identify and analyze the correct competitors which impact the business the most in product planning.

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??Harvey Lee ??

Founder at Product Marketing Career Accelerator. Ranked #1 PMM creator ????. Follow for posts about workplace practice, culture, marketing and my journey.
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There are two key perspectives, you need both: 1. The market context 2. Product and company competition The challenge is that most organisations only do the second one without understanding the context in which the outcomes sit.. In this light, true positioning is impossible.

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2 Choose your methods

Once you have defined your scope, you need to choose the methods that will help you gather and analyze the data you need. There are many methods you can use, such as market research, surveys, interviews, reviews, social media, web analytics, or benchmarking. You can also use tools such as SWOT analysis, Porter's five forces, or feature matrix to organize and visualize your data. The methods you choose should depend on your goals, resources, and availability of information.

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Eric Pitt

Product Marketing Manager @ Blumira | PMA Certified
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Use search engine tools like Ahrefs, Moz, and SEMRush to analyze your competitors' referral traffic. - Identify top referral sources: Who are your competitors targeting? What channels are your competitors' products and services most successful on? - Analyze high-traffic landing pages and content: What content are customers gravitating towards? What are their needs and wants?

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3 Focus on value

When you conduct your competitive analysis, you should focus on the value that your product provides to your customers, and how it differs from your competitors. Value can be measured by various factors, such as benefits, features, quality, performance, design, or customer satisfaction. You should identify your unique value proposition, as well as your competitive advantages and disadvantages. You should also look for gaps or opportunities in the market that you can fill or exploit with your product.

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4 Update regularly

Competitive analysis is not a one-time activity, but a continuous process that requires regular updates and revisions. The market and the competition are constantly changing, and you need to keep up with the trends, innovations, and customer needs. You should monitor your competitors' activities, such as new product launches, updates, promotions, or partnerships. You should also collect and analyze feedback from your customers and prospects, as well as from your own team and stakeholders.

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5 Communicate effectively

The final and most important step of competitive analysis is to communicate your findings and insights effectively to your team and stakeholders. You should use clear and concise language, as well as visual aids, such as charts, graphs, or tables. You should also tailor your communication to your audience, depending on their level of knowledge, interest, and involvement in the product planning process. You should highlight the key takeaways, recommendations, and action items that result from your competitive analysis.

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6 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?

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Sourav Mohanty
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Analyze your existing customer base about what led them to buy/switch to your solution, and what was the need - this will help solidify the buying criteria(s). Do internal (survey your team members across functions + competitor mention in interviews or sales calls..) & external (SERP rankings, review websites etc.) research to finalise your list of competitors Assess each competitor against these buying criteria(s) - on a scale out of 10. Do a qualitative assessment through 1. Checking homepage messaging 2. Navigation walkthrough check 3. Layout overview - to know feature differentiators. Consolidate all this research and analyze your company's current or could-be differentiators, improvement gaps, get future roadmap ideas etc.

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What are the most effective ways to conduct competitive analysis during product planning?

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2

3

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6

1 Define your scope

2 Choose your methods

3 Focus on value

4 Update regularly

5 Communicate effectively

6 Here’s what else to consider

Product Marketing

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What are the most effective ways to conduct competitive analysis during product planning?

1

2

3

4

5

6

1 Define your scope

2 Choose your methods

3 Focus on value

4 Update regularly

5 Communicate effectively

6 Here’s what else to consider

Product Marketing

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