Beat the Competition, Part 1: Nine Tools to Know Thine Enemy
In this first part of a two-part series, we’re going to visit one of the areas of Product Management that PMs find challenging – how to understand and beat the competition. Our Product Management Skills - Benchmark Report from 2019 identified Competitive Analysis as one of the three areas that Product Managers find most challenging. Problem is, effective Competitive Analysis can make the difference between a product that just does its job well, and a product that dominates the market. It’s a skill every Product Manager should perform with ease, so that they can both build the best products possible and promote them effectively to satisfy their customers before their competitors do. Whether you’re a Digital Product Manager whose customers expect competitive gaps to be closed quickly, or you have a physical product with more traditional concerns, we’ll help you develop a plan to slay your competitors! In Part 1 of this series, we will go over the big picture of Competitive Analysis, identifying the nine different dimensions of research and analysis you can conduct to get a thorough understanding of the competitive landscape. We’ll discuss identifying which competitors matter most, and how to deeply understand your key competitors. Don’t miss Part 2 in this series, where we’ll complete the survey of critical tools and frameworks to use, show how to make Competitive Analysis a regular part of your work without breaking a sweat, and explain how to turn analysis into actionable insights. These insights will enable you to build products that matter, and to market them more effectively. What You Will Learn: Nine dimensions of Competitive Analysis, so you get a holistic view of your competitors How Competitive Analysis can inform your Product Planning, Delivery, and Marketing Strategy work Specific tools and techniques for the first four dimensions of Competitive Analysis so that you can put them to work right away
