You have identified your customer segments and the pain points you are going to address through your product or service for them. Now, you need to define the competitive landscape to see how your competition is addressing those points, what would be the cost and efforts they’d need to catch up for addressing the pain points better than you do.
Your aim should be to know the competitors whom you’d face when you launch your product in the marketplace:
– How quickly will the competition catch up with you in solving the problem better than you?
– How will they seize your size through pricing, positioning, and marketing?
– What else would they do to achieve better customer success?
Do the SWOT analysis to benchmark with your product offering and know where you stand against the competition. Your aim should be to derive the solution hypothesis that will keep you ahead of the competitive value curve and help you capitalize the market opportunity to move ahead of your competition.
Prepare the line of action you need to emphasize for making your business superior to the competition
- Research the internet to find the businesses addressing the problem
- Go to Quora, Social Media platforms, Forums and feedback website to find out about your competition
- Speak to people who are the users of the product to understand their pain points
- Read the review on eCommerce website if the product is sold there
Make a copy using Google Docs-> File->Make a copy option.
- Visit the competitor website
- Follow your potential competitors on social media
- Perform google search trend analysis on the keywords relevant to your business