Are you using these product management tricks to analyse competitors?

In today’s edition of The Product Playbook, let’s dive into competitor analysis—a critical activity no product manager can afford to overlook, regardless of which stage of the Product Development Life Cycle (PDLC) you're in.

We will cover:

1. Types of competitors
2. Some cool techniques for competitor analysis
3. Consistent practices you should follow.

First things first,

Competitor analysis is not a one-time activity

• It requires ongoing research and a solid strategy.
• The market evolves, and so do your competitors—constant monitoring is key.

Know your competitors better.

In order to do so, you will need to understand types of competitors.

Types of competitors

• Direct Competitors: Products that solve the same problem for the same audience.

Example: Lyft vs. Uber.

• Indirect Competitors: Products that solve the same problem but in a different way.

Example: Gym memberships vs. fitness apps.

• Substitute Competitors: Products that offer an alternative to your solution.

Example: Streaming services vs. cinema.

• Potential Competitors: Emerging players or big players entering your space.

Example: A new startup or Amazon launching in your niche.

Knowing your competitors type is not enough, Open your beautiful excel sheet and list them down. This will help you to analyse better.

Done?

Now its time for action. Bring out your inner stalker and use below strategies/techniques for competitor analysis ?? :

Techniques:

1. Smart Search Techniques: Use quotation marks for precise searches. Search using your product’s one-liner pitch or problem statement to identify competitors.
2. Look at Google Ads—those bidding on similar keywords are often competitors.
3. Platform Mapping: List known and unknown platforms in your niche.
4. Feature Table: Create a comparison chart including:

• The list of features you and your competitor provides
• Rate them
• Some examples of what you can compare are - price, reliability, design and any other features which are similar.

Feature table is effective and time consuming technique. Surely it gives you good idea on whether you are on right track or need to change tracks.

5. Utilise your competitor list to research on them and list out features accordingly.

Stay Updated on Competitors

Competitor analysis is not just about features; keep a pulse on their business trajectory:

1. Funding: Track how much funding they are receiving or any related news. Tools: Crunchbase, PitchBook.
2. Acquisitions: Are they acquiring companies to scale or gain an edge?
3. New Features/Products: Monitor product launches and updates to understand their strategy.

Which competitor is ruining your leadership meets? ??

Which competitor is always copying you? ??

Which competitor is ruining your product milestones???

Some questions you should be focusing on after reading this newsletter :)