A Competitive Landscape is a list of your customers’ choices other than your product. It includes your competitors’ products and services. It is the complete description of your competitors’ position in the market and helps identify their product offerings, marketing strategies, and social media content. A competitive Landscape is vital to improving your marketing strategies, products, and services. It also lets you know your competitors’ major strengths and weaknesses. Through this, you get an idea about what your rivals are doing and what you need to do to beat their product in the market.
The Competitive Landscape is a way to know all the alternatives to your products and services available in the market. It lists out all of your competitors, their product/service, their marketing strategies, their weaknesses, their strengths, and their position in a particular market. The product team requires a competitive analysis to achieve the Competitive Landscape.
What is Competitive Landscape Analysis?
The competitive landscape analysis compares a particular product with the other products already available in the market. The product team should always analyze competitive landscapes to understand their competitors and competing products better. By doing this, they get a better idea about what their client might expect from their products and what unique features they can add to their product that are not available in the existing products.
A practical competitive landscape analysis includes:
- Information about your competitors
- The strengths and weaknesses of your competitors
- Your competitors’ products and services
- Your competitors’ marketing strategies
- The market overview of the products
How to do Competitive Landscape Analysis?
The product teams can do the competitive landscape analysis in any way they like or prefer, but here are the best tips that can be followed to get a better competitive landscape:
1. Monitoring your competitors’ social media:
To keep an idea about how your competitors promote their products and services on social media, befriend them on different platforms, follow their pages, and subscribe to their channels and newsletters. Follow them wherever you can and keep an eye on their activities. This way, you will understand their strategies, upcoming products and services, and market value.
2. Creating a Competitive Matrix:
To better organize your observations about your competitors, create a competitive matrix. Please write down the names of your competitors on one axis and a list of features of their competing products on another axis. Now compare the other products with your product and mark the available features in each product. This way, you will be able to derive the weaknesses and strengths of your competitors and the uniqueness of your product.
3. Search and Add Alternatives to your Product or Service:
Your clients can find different ways of solving your product’s problem. They can even get the solutions where they do not need to buy any products. So, to make your product stand out in the eyes of your customers, find all the alternatives and make sure that your product offers something more.
The Need for Competitive Analysis
The competitive landscape analysis is one of the best ways a company could know its competitors and get an idea of where its product would stand in the market. It is highly recommended that the companies conduct a competitive analysis. Here is why:
- The companies know who their competitors are and what they are doing to achieve their goals through competitive analysis.
- You can get a better idea about what unique features to add to your product to stand out in the market.
- You get better marketing strategies.
- When you know your competition, you can better explain how your product is different from your competitors.