Competitive product analysis: 5 scenarios of competitive product analysis methods

Competitive product analysis occupies a very magical position in the work of product managers . Some people may have worked for several years without ever writing a serious one. Some companies require providing a competitive product analysis of corresponding standards as part of an interview assignment. Some people may think that this is the job of an intern or a junior product manager, but the real business model and market status cannot be written by anyone other than an experienced person. Therefore, although it seems that anyone can say a few words about the trivial matter of competitor analysis, it is actually a job where experts look at the details while laymen just watch the show.

There are many scenarios in which competitive product analysis is used, and there are also many forms in which competitive product analysis can be expressed. Next, we will talk about several scenarios where competitive product analysis is needed and how to conduct the analysis.

Competitive analysis for interviews

Scenario Analysis:

During an interview, a junior product manager may be asked to do a competitive product analysis. This may be a verbal inquiry, so you need to prepare in advance before the interview. Perhaps after the interview, you still have some doubts about the interviewee’s abilities or qualifications, so you may be asked to bring a competitive product analysis or other “homework” to the next interview.

Entry point:

Well, for interview purposes, the first thing that is definitely reflected is attitude. . . At least it shows that you have spent time and effort to complete the submitted document (if you don’t want to complete it seriously, you can simply refuse the interview and prepare for the next one directly. It would be a waste of time if you just prepare it casually).

Secondly, it is the logic of the work. For a job, it should be processed and completed with a certain logic, or just write down whatever comes to mind. Of course, there are many templates on the Internet that can be used for reference.

Finally, it is the ability to identify and solve problems. After a lot of review and analysis, you will find what problems you have discovered and what conclusions you have drawn.

Output:

Maybe you did it very seriously, but what I want to tell you is that no one will look at it carefully, so the focus is on the picture! picture! picture! The page should be neat and standardized, with a unified tone, clear structure and clear conclusions. Grand and calm, noble and elegant, eight stars and eight diamonds.

You can export it into PDF according to the situation, pay attention to details, and don't give random file names.

If you are asked to analyze the products of the company you are interviewing with, be careful when speaking about its pros and cons, and try to remain objective and neither humble nor arrogant.

In-depth analysis of a single competitor

Scenario Analysis:

After the product had been running for a while, one night the leader forwarded a marketing WeChat article about a new competitor's product to the group and said, "Take a look at this." . .

Then, you take a quick look and find that this product is likely to become your main competitor, so you decide to do a more comprehensive experience in order to know yourself and your opponent better (of course, also to have something to say when your boss asks you about it).

Entry point:

First, start from scratch and browse the website. If there is customer service, you can also try to ask to see the response speed and training intensity. Feel whether the entire registration process is smooth, whether there are comprehensive guides for novices, or whether it is simple enough with low learning costs.

Secondly, experience the competitiveness of the product’s key functions and the differences of your own products, whether there are more prominent advantages and disadvantages, and even continue to pay attention to feel the speed of product updates and iterations and the focus of functional optimization.

Finally, summarize the business model and operational discussions. If there is any relevant investor news or research website data, you can also use it for reference.

Output:

It is best to make a document that combines text and images for easy storage. It can also be used as a training reference for new colleagues. It would be nice to have a directory summary or even a log so that interested people can quickly reference it.

New product project research

Scenario Analysis:

For three consecutive days, you saw several high school girls playing an app that you couldn't understand at all on the bus, so you secretly wrote down its name and went to the office to search for it. Wow, it's so interesting, and our company has the experience and resources to do it. Now there are only two or three similar apps, and their functions are not very complete. If we make it ourselves and push it into other markets, we will make a ton of money. So you decide to do a competitive analysis and apply to the company for a project.

Entry point:

First of all, how can you propose a project to the company's leaders without making any big moves? There must be solid content , pretense, classic analysis frameworks, foreign research reports, visualized data, or accumulated knowledge to enable you to handle the work with ease. . .

Secondly, data is king, and it is best to look at all types of competing products, but only talk about the key points, with data support and relevant conclusions.

Finally, you must talk about things from a strategic level so that your leaders can see your unique vision and let you go ahead and do it.

Output:

Data charts are a must for presentations, and the conclusions must be concise and powerful. There can also be a more detailed comparison table for meeting participants to review after the meeting. You can choose your favorite framework for analysis, such as strategy, scope, structure, framework, and performance. Statistical data can be presented in charts and graphs. In the conclusion, remember to highlight the feasibility and differentiation. PPT and keynote are both good choices.

Key features for reference

Scenario Analysis:

When I got to a certain step, I suddenly couldn't go on and felt my body was drained. When I came to my senses, I had already opened the competitor's platform. . . After looking at a few more, I finally found the inspiration for creation. . .

Entry point:

First, pay attention to differences. Even competitors in the same category may have different experiences and results due to different customer groups or operating styles.

Secondly, you can conduct multi-state tests, even extreme state experiences, such as deliberately entering wrong information or trying to jump out midway.

Finally, you can also try to find reviews of competing products to see how users feel about the experience of these features. Sometimes the interactive experience is good but the server is prone to errors, and users may give it two words: suck. . .

Output:

Because you just need to refer to it at work, you can just record it in the way you like. If you use it yourself, you can use a mind map. If the requirements are more complicated and you need to convince your R&D colleagues, you must use a flow chart and pay attention to logic.

Just take a look

Scenario Analysis:

As a user with only 16G of mobile phone space, I usually only keep one app for each function, so when I have such needs, I will download all such apps, try each one and then delete them, leaving only the "glorious and unique" last one.

Entry point:

First of all, as a volatile user, registration is the first hurdle. I always hope to have a fast experience, preferably without registering. If registration is necessary, it is best to authorize with other accounts. If this does not work, the entire registration process should not exceed 5 seconds.

Secondly, as a picky person, I will uninstall it immediately if the main functions are not implemented smoothly. The design style cannot be too ugly. If the interactive experience is too old, I will be very disappointed and have no patience to wait for you to slowly update and optimize.

Finally, as a pessimistic person, I don’t expect any surprises. Please keep it plain and simple, and don’t update something that I can’t feel every few days.

Output:

The final output is the remaining app, and the last one standing is the winner.

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The author of this article @lottelyn江琳 is compiled and published by (Qinggua Media). Please indicate the author information and source when reprinting!