How to write a persuasive competitive product analysis report?

For products, learning to do effective competitive product analysis and write easy-to-read competitive product analysis reports is one of the essential skills. However, in actual work, most people's reports remain at the stage of applying templates and piling up information. They seem to have a complete framework and everything in place, but in fact the focus is unclear and the value is not high. What should we do specifically?

Can a newbie write a convincing competitive product analysis report? It will elevate your status, and you will no longer be bossed around, only able to draw prototypes, only allowed to work on functions, and ignored when speaking in meetings! To make a persuasive product, it is not about reaching a consensus. A high-quality competitive product analysis report is a weapon that allows weak PMs to stand up.

How to make a competitive product analysis report? I think everyone has their own methods. Let me share my own methods here. I will share how senior operators make a competitive product analysis report based on their habits.

1. The main differences between the thinking paths of operations-to-products and pure product origins

My background in operations allows me to think about products from the perspectives of other parties, commercialization, users, and future operations. This is one of my core competitive advantages, and it is also the reason why I can make the most convincing product designs for leaders and developers.

1.1 Each person’s personality, work experience, and learning habits determine the biggest source of differences in thinking

I have not thought deeply about the difference in thinking styles before. In fact, the biggest difference between me and those who come from a pure product/technology background is the breadth of my thinking. My main shortcoming lies in my pure product direction, and the difference in thinking styles can be traced. Those with an operations background focus on commercialization and operational needs, those with a UI background focus on interface and visual experience, those with a technical background may pay attention to product logic and implementation difficulty, and those with a pure product background will have different focuses based on their personal learning paths.

The author thinks more from multiple dimensions of users and operations. Why? Because I usually like to collect and organize product operation knowledge, analyze the business models of the industries I’m interested in, read industry research reports, pay attention to the latest developments and the adjustments and thinking of leading companies in their operations and changes in their organizational structures.

The channels for acquiring knowledge and information are relatively complex, but most of them are related to marketing, operations, and business.

1.2 Thinking path of operation

（1）What is the business model?

The beginning of product development is based on the understanding of my company's business model. In my opinion, all products and functions are developed around the business model. Different business models will lead to completely different product design ideas, styles, and focuses. Different business models will also lead to completely different product design content.

Alipay is mainly centered around payment, with scanning and paying/receiving as the core. Other applications and services are all centered around creating more payment scenarios and environments, increasing the frequency of use, and even government-related applications and services are completely unprofitable.

WeChat is centered around social networking. The most difficult time is not now, but the period between 2012 and 2016 when the user social network was formed. This cannot be overturned now. WeChat’s product design thinking is now to allow more users to use it and continuously incubate various types of services in this traffic pool.

(2) What problem is the designed function intended to solve?

In my opinion, product design must be based on a certain purpose, such as sales, user growth, net profit, user experience, user activity, etc., and further thinking should be carried out based on the purpose;

(3) Functional value

The habit after long-term operation management, what benefits will the designed function bring to the operation, what is the overall value, is it just to solve functional problems, based on user operation needs, or sales growth;

(4) What is the business path? Convert to product path?

The business path can be understood as how to make money, and the product path is actually the user's entire online operation path and experience process. The information fields and data involved in this process complete the information structure diagram;

(5) Produce information structure diagram, experience path and prototype

Compare with similar products in the industry, condense and understand them, and then produce experience flow charts, information structure diagrams, prototypes, etc. If there is nothing similar, look for something with a very similar framework for reference;

(6) Produce PRD document to complete the design

The previous thinking is enough to complete the PRD document;

1.3 Product Thinking Path

(1) What is the product type?

The type of product basically determines the product design style and general functions. PMs who come from a pure product background will think differently, that is, what type of product it is. It does not mean that product managers will not think based on business models, but the first thing they think of is the product type. After confirming the style, they will then carry out user portraits, competitive product research, product design, etc.

(2) For whom is this product designed?

Even if it is a very simple functional design, you first need to understand who the entire product is targeting and what features it has. It is to portray the user portraits and understand their characteristics. Then based on the functional design, you will naturally pay attention to the key details.

(3) How do competitors do it?

Here we need to do the usual competitive product research. Even if we don’t have enough time, we still need to understand the product logic of our competitors so that we can come up with ideas quickly and do better.

（4）What is the product path? Where can I have a better experience?

For C-end products, one principle is to make users feel more comfortable using them, and for B-end products, it is to meet the commercial needs of users. How does the product operate step by step to achieve functional requirements?

(5) Produce information structure diagram, experience path and prototype

After the competitive research and product path analysis, we have a holistic thinking about the product as a whole and its information structure. On this basis, we have been able to form a complete information structure diagram.

(6) Produce PRD document to complete the design

Up to this point, it’s all the same;

2. How to write a competitive product research report?

Producing or writing a competitive product research report is not complicated in itself. Many newbies may lack a framework of thinking, a routine, or a template at the beginning. In the early stage, you can imitate what others have written. In the later stage, you don’t have to stick to other people’s templates or routines. You can have your own thoughts and then add the content you need.

2.1 A mind map - the outline or framework of the competitive product research report

Why? Because without a framework, you don’t know where to start your personal work, you have no ideas, and you can’t even think. Therefore, at the beginning, you can go to Renrenshishipz.com or PMcaff to find out what the big guys have written, or what they have done in mature competitive product research.

For me, it may be very simple after I start making products, because I have accumulated a lot of experience in writing BPs and internal business analysis.

2.2 Business models related to Internet medical care

This is a competitive product research report on the registration function of Internet medical care. Most of the services of Internet + medical products are based on registration + online consultation, and the earliest business model of Internet + medical care was to obtain traffic based on registration and then monetize it through other means.

Internet appointment registration service refers to the registration, surgery, hospitalization, expert team and cooperative agency appointment service provided to patients by hospitals/third-party service agencies using the Internet and mobile Internet technology, which effectively solves the problem of medical pressure.

Moreover, data on corresponding functions in the registration industry can be obtained, and this function is the foundation and starting point for Internet medical products. It revolves around user needs, platform operations, doctor needs, and doctor operation management, and can basically cover all C-end Internet + medical product needs. ,

3. Interpretation of the content of the competitive product research report

3.1 Research Background

Under what circumstances is the company's internal competitive product research based on?

3.2 Research Purpose

Discover the best functional optimization and iteration direction from competitive product research, product path design to prototype design, etc.;

3.3 Industry Analysis

Industry background can be obtained from iResearch, Analysys, and industry news. Industry conditions need to be determined based on the current stage of industry development. There are some differences in the focus of industries in the rising and mature stages.

3.4 Market Analysis

What is the current market situation, competitive landscape, and general business model of similar and existing players? In such a critical environment, what opportunities does my company still have? (Multiple dimensions such as market, operation, and users)

3.5 Competitive Product Analysis

Overview and analysis of competing products, starting from the process, experience, interface, etc., need to be specific to each product, but there is a lack of detailed description (lack of detailed description);

(1) Overview of competing products

Give a brief overview of your competitors, describe them from every imaginable dimension, such as operating conditions, business model, scale, operations, and then make comparisons. This can assist you in making decisions and also help your leaders quickly understand the general operating status of your competitors.

(2) Competitive product analysis

We need to be very specific here, that is, from the operating experience, process, interface design, special details, etc., everything is to compare the similarities and differences and obtain the best product path, prototype, and user experience plan.

3.6 User Research and Analysis

Research and analysis are to produce conclusions. If there is no conclusion, it is better not to do it. It mainly focuses on user portraits, user behavior analysis, questionnaire design and questionnaire survey, etc.

(1) User portrait framework

(2) Questionnaire design framework

4. Brief description of post-competitive product research

4.1 Persuasive Product Manager - Producing Competitive Product Research Reports and PPT

(1) Competitive product research report word file

At that time, I wrote an 18-page Word document based on the functions, and wrote out everything under the entire framework in detail. It was for myself to see and it was also the core basis for future internal iterations of the product and the basis for reporting to the leadership. To convince leadership, development and the company.

(2) Competitive product research PPT

There was only one purpose for writing the PPT - to report to the leader. At that time, I wrote a 46-page report PPT, and then described to the leader from beginning to end what the industry market situation was like, what competitors were doing, from which aspects to do it, why to do it, and what the final product plan was.

4.2 Solid Product Manager - Details and Skills Beyond Products

(1) Details - (fields, data, processes, special use cases...)

After completing the competitive research report, information structure diagram, user experience flow chart, PRD document and prototype, the internal review will begin. In this process, it is necessary to focus on the details (fields, data, processes, special use cases), otherwise there will be pitfalls after development, and it will be troublesome to start.

(2) Communication - persuading based on company needs, business, users, etc.

No matter how well-written a PPT is, it is just a PPT. In the end, you still need to communicate with UI and development to finally develop the product. At this time, they may have many questions. The biggest basis for convincing them to schedule work and future development is why you should do this? Also, pay attention to the skills. Everyone is working in a cooperative way. If others are unwilling, you need to communicate with them from the perspective of their work, otherwise... Remember, the product manager is the overall weaker party. Don't be the scapegoat, and don't let others take the blame.

5. Postscript

This is the nth time I have conducted product competitive research and analysis. During the operation period, I analyzed that in order to write BPs and strategies, all the basic skills are the same. There are many transferable skills under the iceberg model. Making good use of them and constantly strengthening them will be one of the greatest core competitiveness of everyone in the future.

It has been almost 3 months since I last updated. My job change, career, dreams and reality were all mixed together, leaving me with less energy. Now I have resumed updating, and I plan to produce an industry analysis on VR social networking/Facebook, etc. by the end of the year. Please look forward to it.

Author: LS Sloppy Taoist

Source: LS Sloppy Taoist