Methods > Gather Insights > Quick Competitive Review

Quick Competitive Review

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Objective

To understand:

  • Who else is trying to solve the problem you’re trying to solve.
  • Who else is trying to solve for the job you have identified.
  • How we can be better at serving a need than our competitors.
  • How we can show our target customer that our product is better.

Outcome

  • Identify opportunities to deliver something uniquely valuable (differentiation).

Time

1/2 - 1 day

Participants

1 person

Difficulty

Medium
Tip: it will help to reach out to an expert for guidance on these methods.

Materials

Competitive Review Sheet

Detailed Steps

1. DEFINE
The problem(s) you are trying to solve. At this stage it can be vague – it can be several problems and overlapping problems. Explore them all.

2. RESEARCH
Who else is solving that problem and how?
One way to look at that is to explore the top 5 companies by market share in your vertical.
Another is to try to solve that problem as a normal user would; google it. All the options you see there are your competitors.

3. GATHER
Gather the data in one place. List them out in a google sheet doc.

4. SYNTHESIZE
How are they performing, what is your secret sauce?

  • SWOT :Understanding the strengths, weaknesses, opportunities and threats of our competitors
  • Competitive Audit: Understand their positioning, their target audience, their differentiators, and prominent use cases. What are the overlaps to your idea? How are they solving the problem? How is it different from how you will solve it? What are they doing particularly well? What could they be doing better?
  • Experience Audit: What are established conventions of how to do things? What are good practices? Things you think you can do better?