Outsmarting Your Competition: 5 Steps to Thriving in the Market Battlefield.

Attention, Strategists!

In the relentless battlefield of the market, Product & Strategy Managers are the modern-day commanders. They face a constant barrage of changes, launched by established and new competitors. To thrive amidst the chaos, product managers must become accustomed to the turbulence caused by unceasing market transformations. In the heat of competition flexibility paves the path to victory.

Here are 5 steps that can help you be battle ready!

Step 1: Reconnaissance - Choosing Your Targets

In the midst of this digital battlefield, with a multitude of players vying for supremacy, PMs must choose their adversaries wisely. Time is your most valuable resource, and not every competitor is worth your attention.

Great product managers begin their strategic maneuvers by assembling a comprehensive list of every player in their industry.

Gather intelligence reports from analysts and market research firms, interrogate your sales/marketing teams to identify the most encountered competitors and scour the web/trade events and publications to uncover companies providing similar services.

Step 2: Assessing the Enemy - Categorize and Conquer

With intelligence in hand, categorize the enemy. Direct competitors are those who march head-on against you, offering similar products or services to a similar target market. Think of them as adversaries on the frontlines, like Pepsi and Coca-Cola battling for the same cola-loving consumers.

Indirect competitors, however, are the cunning guerrilla fighters. They may provide different products or services, but they encroach on your territory. For instance, gyms and home workout equipment companies, both targeting fitness enthusiasts, are indirect rivals.

If time is limited, focus your attention most on the direct competitors, however don’t forget to check on the indirects (also called secondary or tertiary) consistently. Staying vigilant is key!

Step 3: Preparing Your Arsenal - Analyzing the Foe

With your list of direct competitors in hand, it's time to launch a full-scale assessment on their strengths and weaknesses. Use their products regularly, dissect them, and create an unbiased map of their features stacked against your arsenal.

If you uncover a competitor’s area of advantage that customers adore and it aligns with your strategy, seize it like a prize from the enemy's grasp.

Resources: SWOT Analysis Templates from Notion , Competitive Feature Mapping Template

Step 4: Gathering Intel - The Eyes and Ears of the Strategist

In this digital warfare, knowledge is power. Set daily Google/Reddit/Twitter/Documentation alerts to monitor customer sentiments about your rivals—both the good and the ugly. Keep watch for any signs of new features being tested or released by your competitors.

Do this long enough, and you'll be able to predict the competition's next move like a seasoned battlefield tactician, staying steps ahead in the strategic theater of business warfare.

Step 5: Adapt or Perish - The Art of Tactical Pivoting

In the midst of battle, adaptability is the ultimate weapon. As a PM, be prepared to pivot your roadmap and strategy swiftly when the enemy makes a game-changing move.

Flexibility is the most important key to turning the tide in your favor.

So, fellow strategists, remember these battle-ready steps: Choose your targets wisely, categorize and conquer, prepare your arsenal, gather intel, and master the art of tactical pivoting. In this ever-evolving theater of war, adaptability is your greatest asset, and flexibility is your winning strategy. Onward to victory!