Competitive analysis and product analysis, have you figured it out?

The more detailed the competitive product analysis is, the better. However, given the rapid iterations in the current Internet era and the precious time of product managers, a detailed and comprehensive analysis is not only impossible but also lacks focus. I have always advocated fixed-point analysis, which can not only highlight the key points, but also save time and, most importantly, is efficient.

❶ Direct competitors

Generally speaking, I require each product manager in the team to analyze no more than 5 functional points and make breakthroughs in each one. Competitive product analysis must highlight the key points, must achieve the purpose of the analysis, and must concentrate on solving the most important problems. But everyone should note that our analysis is not just to list a product's functional analysis table. The key is to analyze the core competitiveness of the product through product processes and user experience. This is the focus of competitive product analysis. Competitive product analysis is an analysis report that focuses on small and beautiful things. It should never be written as a dry report that lists and compares functions.

For example, for pharmaceutical e-commerce products, we selected direct competitors, including Ali Health, No. 1 Pharmacy, and Dingdang Express Pharmacy, and analyzed their ordering functions.

❷ Potential competitors

It is necessary to determine the trend of analysis rather than the deterministic functional points, because different applications may not find the same functional points at all. Analyze any series of products that can add functional modules and evolve into direct competitors.

For example, to analyze a pharmaceutical e-commerce product, potential competitors may be medical registration, chronic disease care, etc.

❸Transfer Competitive Products

The analysis of diversion competitors focuses on general analysis, because it may be impossible to find the same functions at all, and they are completely different products. The analysis is mainly focused on the analysis of user behavior and user usage scenarios.

The so-called product analysis is a product-oriented analysis process. Our highest priority is to identify a product and then analyze all of the product’s modules, features, user experience, etc. around this product. The biggest difference between product analysis and competitive product analysis is that one is function-oriented and the other is product-oriented. Product analysis is vertical, so the product can be analyzed in depth.

Product analysis, like competitor analysis, is not just a list of large amounts of information. The biggest feature of product analysis is to analyze the core functional points of the product, try to be as comprehensive as possible, but also highlight the parts that you want to highlight.

Product analysis and competitive product analysis generally involve the following aspects: strategic positioning, profit model, user group, product features, product interface (interaction method, visual expression), data and technical functions, usability, etc.

But personally, I still believe that a product analysis needs to highlight the key points and not design too many analysis points. This will not only highlight the key points but also make it more operational.

The method of finding competitors is actually relatively mature.

1. First, extract the target keywords, which can be multiple;
2. Find the corresponding products according to the extracted target keywords;
3. Superimpose and compare the found products to obtain the target competitive products.

As far as my personal work is concerned, I have actually memorized the competitors in my mind. If a product manager cannot name 5 competitors off the top of his head, it is either that the product is too innovative or that he still needs to work harder.

The core of competitive product analysis is actually one word: "comparison", three words: "find the accurate comparison". In fact, competitive product analysis requires you to compare and analyze the core functions of several competing products.

General steps:

1. Identify key points of analysis;
2. List product features according to the key points of analysis (find the product features and compare carefully);
3. Analyze the listed product features (logical relationship, business intention, SWOT, etc.).

UX can be completed according to the classic five-layer architecture:

Presentation layer - what you see;

Framework layer - how these areas and positions determine the presentation layer;

Structural layer - how did the user come, where did he go, and which columns should appear where;

Scope layer - how to determine the structure layer according to the functions and characteristics, whether the performance is appropriate;

Strategic level - what functions and features are needed.

The above is my summary of the five-layer architecture, which is my superficial understanding of the product over the years. It is for reference only, and you are welcome to comment. If you can compare the UX of several competing products from the above five aspects, it will rise to a new level.

After listing, the key lies in comparative analysis:

❶ Compare with each other to find out the mark among the competing products

❷ Compare with the benchmark to determine the product's mark in the industry

If a competitor has outstanding performance in a certain aspect, such as very good button design, extremely simple interaction or user experience, we can discuss it separately and explain why such a design is good, and we can also follow the five-layer framework.

First of all, it should be clear that product analysis is an in-depth analysis of a company and its products. Everything from the boss's family background to the top product details must be summarized. Product analysis is actually more like an in-depth report on a product system.

Generally speaking, it includes the following items:

• Boss Background
• Backbone of the company
• Financing
• Product distribution summary (you can draw a mind manager)
• Sub-product core functions and strategies
• Business Canvas
• Product operation status and strategy
• Industry data and company data (the company's position in the overall industry)
• What can we learn?
• Product trend forecast
• Summarize

If product analysis is turned into a very light report, then I think it should be called an "experience report". In fact, most product managers have written this kind of thing, especially fresh graduates who are often asked to write experience reports during interviews. You don’t have to think of product reports as being too complicated and profound. It is actually a combination of information processing and experience. As for output methods, PPT and Prezi are both acceptable. The former has better structure and integrity, while the latter is more suitable for presentations.