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.
A competitive analysis is a critical part of your company marketing plan.
With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.
It is a common market research activity that is performed to identify opportunities and risks associated with strategies such as a new product. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.
The following are examples of things that are commonly included in a competitor analysis. View credits & copyrights or citation information for this page.This helps you identify alternative ways prospective customers can solve their problems.It is also a great way to evaluate other vendors' strategies so you can assess their strengths and weaknesses.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.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.Cloud-based competitor templates are available in Aha! A competitor analysis is an important part of your business plan.Once you have defined the vision for your product and the customer problem you are solving, it is essential to understand the other companies in your market. It also allows you to set strategies that address the needs of your prospective customers better than your competitors can.A glance at the competition grid will help you see where your product fits in the overall market.A competitor analysis is an assessment the position of potential competitors.