Product Management Tools User Guide
Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service is a critical part of your marketing plan.
The Competitive Analysis blueprint summarizes diverse competitive information and focuses you on actionable information.
There are 1,000's of ways to analyze the competition. This blueprint provides the core analysis.
To add a fresh Competitive Analysis blueprint to your Space, enter your Project Name and choose 'Competitive Analysis' from the drop down menu.
'Moon Rock' is our project name in this example.
Your new page will need a name before you can begin working on it.
Begin by naming your blueprint "Competitive Analysis." You do not want to name this page after your project name because each page within Confluence must have a unique name.
Your Space within Confluence should be named after your project, and each blueprint page within that Space is named according to the function (ex: "Competitive Analysis").
Special instructions on how to complete the Competitive Analysis are shown only while in "Edit" mode and are highlighted.
These instructions will not appear on the main page or in an exported PDF or Word version of your Competitive Analysis.
Sections of the Competitive Analysis Blueprint
This section should be completed last.
Summarize the most compelling information learned during competitive analysis. Your information should include both strengths and weaknesses of competitors in order to give the most accurate snapshot of market conditions. Include as many rows as needed but remember that the human brain has difficulty remembering more than 3-4 things at the same time and so grouping your information into 3-4 categories will help your audience retain the information.
Competitor Discovery: Online Search Landscape
New competitors enter the marketplace and existing competitors change content and marketing strategies constantly.
Based on your targeted keywords and content, you will discover who else is active in your target markets and be prepared to address their actions.
Competitor monitoring is an activity that can absorb all of your time if you are not disciplined to focus on the specific keywords that are most relevant to your project. The table below contains space to track four keywords in both Paid and Organic search. Even if you decide to track additional keywords, it is good practice to identify the most impactful top four before looking at other words with diminishing returns.
Industry Threat Analysis
Using Porter's Five Forces Model, identify the top three threats to your business model in the following categories:
- substitute products
- new entrants into your market
- bargaining power of suppliers
- bargaining power of customers
- competitive response within your industry
While it is difficult to clearly anticipate sources of threat, it is even more important to identify options on how to combat those threats. For both threats and responses, only indicate three options.
You may be faced with a higher number of threats (7, for example) but it is difficult to form strategy against more than three for a single project.
Focus on the most likely threats and leave highly unlikely threats for a future discussion once you have received funding approval.
Understanding which competitors have market share in comparison to your company establishes a baseline against which future earnings will be evaluated.
This is an important section of the Competitive Analysis and you will copy it directly into the Business Case.
If you do not know market share of your competitors, do not skip this step. Work with your sales team, read market reports and blogs and estimate market share in the most accurate manner possible.
Market share will inform your revenue projections, size of sales team and effort invested into development and commercialization.
To update the chart to reflect your market conditions, replace the placeholder values in the edit table with your own.
If you have a large number of small competitors, group them together into a category called "Other."
The markets are listed along the top row. If you have fewer than three markets, simply delete a column from the right side of the table.
You may indicate market share for your company and up to four competitors. If you group small competitors into "Other" than "Other" will be one of the four competitors.
Do not add additional competitors as it is difficult to analyze many small competitors.
It is good practice to include references to your source material at the bottom of the page.
This will help you to remember upon which data the market share was calculated or obtained.
If your market is truly highly fragmented with many small competitors, change the chart type to "pie" and remove all columns that do not contain data for the focus market.
Add as many rows as needed to include all desired competitors.
For example, if you create a pie chart for 'Global Passenger Travel' then remove the columns for 'Military Transport' and 'Interplanetary Cruises.'
Copy and paste the table into another pie chart and replace the 'Global Passenger Travel' data with that for 'Military Transport.' Repeat until all markets are shown in their own pie chart.
Change the "Display Orientation" to blank.
Uncheck "Stacked Values."
You will show one pie chart for each market if you choose this manner of analysis.
For additional details on how to change colors, add or remove tick marks and other visual changes, please refer to the Chart Macro documentation from Atlassian.