Competitive analysis is a process of identifying and evaluating the strengths and weaknesses of your competitors in the market. It involves gathering and analyzing information about your competitors' products, pricing, marketing strategies, and customer base to gain a better understanding of their position in the market.
Competitive analysis is an essential part of product management as it helps you to:
Here are the steps to conduct a competitive analysis:
There are several tools available for conducting competitive analysis:
Competitive analysis is an essential part of product management as it helps you to identify your competitors' strengths and weaknesses, develop effective marketing strategies, and make informed decisions about pricing and product features. By conducting a competitive analysis, you can gain a better understanding of your position in the market and identify gaps that your product can fill.