This gives you important insights into how other companies are trying to provide value to your target buyers.Your competitive analysis should answer these core questions: Product and marketing teams use these findings to inform their strategic plans and determine what will make their product a success.
Direct competitors offer a similar type of product within the same market.
Indirect competitors offer a different type of product that serves the same need.
Understanding how your customers are dealing with their challenges today and what options they have helps you define your long-term product strategy.
The value of this research extends beyond just looking at competitors.
You can easily customize the titles for each quadrant and change the values on the x and y axis to align with how your company assesses the market.
This template makes it easy to build a detailed profile for each of your main competitors.It provides insights into the strengths and weaknesses of each competitor so the team can position their own offering as the better solution to prospective customers.Create a competitor scorecard to rank your competitors and measure the threats they represent to your business.This template also provides a weighted scoring approach so you can rank the relative importance of each attribute from the customer's perspective.Use this worksheet to gather important information about all of your competitors in one place.Of course, if you want to quickly capture competitive information, build product roadmaps, and define go-to-market strategies using a collaborative and web-based approach, you can try Aha! If you are not yet ready to do that, get started with the templates below.A competitor analysis is a useful tool to understand the market landscape.You can also use it to inform strategic planning models, such as Lean Canvas, SWOT analysis, and Porter's 5 Forces models.This allows you to deeply consider your business and product assumptions and what will make your offering a success.Your research should focus on understanding how customers are coping with the problem today.This requires a deep understanding of all the alternatives that are available to them — including direct and indirect competitors.