A well-defined competitor profile gives internal teams — such as marketing and sales — a better understanding of who they are up against.
It provides insights into the strengths and weaknesses of each competitor so the team can position their own offering as the better solution to prospective customers.
A competitor analysis is a useful tool to understand the market landscape.
This helps you identify alternative ways prospective customers can solve their problems.
I'll keep you updated, Thanks again, Ian Hi Tim, Thanks for sharing your knowledge.
All of us have direct competitors for the technology, product or service we're offering. We are a collection of volunteers and starting a new project in a community in the same niche.
It is useful, for example, when you need to provide an overview of your competition to executives or advisory boards.
You can easily customize the titles for each quadrant and change the values on the x and y axis to align with how your company assesses the market.
Listed below are the pre-built examples included in this guide.
Understanding how your customers are dealing with their challenges today and what options they have helps you define your long-term product strategy.