Competitive analysis

As a product manager we aim to build a product, that meets the customer need, better than any other product in the market. We aim to not just satisfy the customer, but to delight him or her with our offerings; and while doing so we gain a competitive distance/advantage.

To maintain this competitive distance we need to monitor and analyze our competitors. This activity needs to be done religiously basis a predefined schedule and predefined format to record the findings.

I have been using the below competitive analysis matrix and updating the same on a quarterly basis.

As it can be seen every row monitors a feature and compares it along the top contenders in the market. Analytical findings of this study is recorded in the last column.

Product Roadmap can be updated accordingly.

Conclusion: Product Manager needs to be aware that the same activity of 'competitive analysis' is being done by the Product Managers of the contender products too. Thus, it is important to build 'hard-to-copy' features. This can be done through Patents, leveraging the domain expertise of SMEs and riding on disrupting technologies.

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