Competitors Research

Identify the competitors
- Direct (same type of solution)
- Indirect (different solution which answers the same problem)
Evaluate competitors (5 P’s)
- Product (e.g., main features)
- Price (e.g., initial vs ongoing)
- Promotion (e.g., advertising)
- Place (e.g., distribution channels)
- People (e.g., customer service)
Understand competitors Unique Selling Proposition (USP)
- What do they promise to their users
- How are they differentiated from their competitors
- Why should potential customers buy from them
Understand how much each competitor is fulfilling the customers’ needs
Refrain from creating Feature comparison tables as they are tactical and cloud the big picture