Whether competing at home or entering a new market, product managers need reliable, actionable insight about their competitors and their products and services.
To get a clear understanding of competitors’ products and features, the competitive analysis product managers undertake needs to be comprehensive. That makes it possible to spot the biggest opportunities and threats, which leads to better strategic decision making.
Product managers want to know whether any assumptions they’ve made are correct or not. This helps them to identify the right path to take to use their resources most effectively.
Thorough competitive analysis is also very useful for benchmarking, helping organisations to identify how they’re performing against their competitors throughout the lifecycle of their product or service. This can also help with goal setting. Regular competitive analysis is therefore an important task too.
Acquiring competitor knowledge
An effective competitive analysis process should seek to understand how each competitors’ products are meeting customer needs, how they’re differentiated, and what features and functions they have incorporated. Some organizations even look beyond their direct competitors to leaders in other sectors who they can learn from and compare themselves with.
Thorough competitive analysis becomes even more important in a new market where there could be cultural differences and customers interact with products and services like yours differently. This can be particularly useful when it comes to redeveloping or adapting your product or service for a new international market. Therefore it’s key to access the insight that tells you what’s working well for a competitor and what’s not.
At UX24/7 we can provide you with knowledge about how your product or service compares with your competitors’, and what your competitors’ are doing in your target markets, be that at home or internationally. The insight we provide through benchmarking, analysis and customer research will provide you with innovation opportunities, help you prioritise your development roadmap, and give you insight into new markets. Then you can shape a unique value proposition and development roadmap.
These are just some of the ways UX24/7 can assist you. We work with Product Owners and Research Managers to help them reduce product development costs, deliver product-led growth and benefit from global best-practice User Experience.
But don’t take our word for it. Read what our customers have to say!
Their research insights were very helpful for us to improve our product and we hope that Huobi will provide a better service to fintech users going forward. I also look forward to working with UX24/7 more in the future.“
Vanbin Fan, User Experience Director, Huobi
Case studies
If you would like to know more about the work we have done, check out the following case studies.
