the competitive landscape refers to the list of options a customer could choose rather than your product. product teams should conduct a competitive analysis to learn all the alternatives to their product. subscribe to your competitors’ newsletters, join them on social media, and check out the content they publish on their sites. assuming they are tuned in to the goals and frustrations of their potential users—meaning your potential users—these competitors’ priorities can clue you in on big problems your market wants to be solved. a competitive matrix can let you view side-by-side details of each competitive product in your market.
if your target market is using a different type of tool—even something free—to solve their problem, you’ll need to know that, so you can make sure your product offers something more. when you conduct a thorough analysis of the competitive landscape, including identifying alternative solutions your prospective customers might already be using, you can save time and resources. rather than building something your market doesn’t need—because they’ve found a workaround—you will instead move your resources over to addressing a problem the market needs solving and is interested in buying. in addition to helping you uncover new product or feature ideas, a competitive landscape analysis can also help you find ways to improve your customer journey. when you sign up to receive your competitors’ content, for example, you’ll learn how they move their prospects through the content and sales funnel. this process is one of the most eye-opening and productive aspects of competitive analysis.
a competitive landscape analysis provides the information necessary to overcome your competitors and reach your destination. there are a variety of frameworks you can use for analyzing the competition. a strategic group analysis can help you pinpoint your closest competitors and understand the precise nature of the competition. a porter’s five forces analysis provides a framework for examining the overall competitiveness of a particular market. simply enter competitor domains and the tool returns a host of insights you can use to better understand the competitive landscape.
for example, the market share by channel graph depicts a side by side comparison of what share of the market goes to which business through a given channel. for your competitive landscape analysis, it’s important to consider the entire picture. when it comes to the competitive landscape as it relates to products and services, both traffic analytics and eyeon can provide a wealth of data. each page also offers a dropdown view with a graph revealing the sources of the traffic for that page. once you’ve uncovered your competitors, selected a framework for analyzing the competition, and gathered data, you’ll need to organize your findings. for other research, you may want to use a tool like google data studio or tableau.
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