5 Dimensions | Competitive analysis

Label: Strategy Phase | Research Phase

Monitor and understand your competitors by following the 5 dimensions on the board.

Identify your direct competitors.

- Direct competitors (key competitors): They have the same target market and the same solution. Make sure you are not losing too many users/customers because of them.
- Potential competitors: Direct target market and/or a different product.
- Substitute competitor: Don’t solve the same problem and/or the same target market. They often can be used as a substitute.

This tool is ideal for Product managers, Marketing teams and other executives.

Before you start discuss with your team your place in the market.

Steps:

STEP 1

Start your analysis

Follow our 5 dimensions to understand and evaluate your competitors.

Product core: Product offer, features, and services.
Size of the user base.
Design.
Brand and brand affiliation.
Speed. How often? Who? When?

STEP 2

Monitor your competitors.

How to monitor your competitors?

Go to websites like crunchbase.com and keep track of their funding and the amount of money they have to hire people, invest in marketing, etc.
Acquisition and partnership: Companies they are buying or partnering with.
New features: Go to mention.com , follow your competitors on Angelist, LinkedIn, and social media and use google alerts to get notified when new search results are available.

This is an ongoing task.

STEP 3

Discussion and strategic action plan

Add any final thoughts on what this means for your competitive advantage and how you might move forward based on areas of low or high ratings.

Get access to this tool for free inside @Nova.

Nova is a collaboration and productivity platform that leverages intelligent technology to help teams work together while coordinating the work for you – so teams can share their knowledge and get things done efficiently. Unlike other platforms – Nova helps organize work by goals, people and deadlines and includes tools like whiteboards, tasks and documents to get things done in the same space.

Nova was Co-founded by Ro Fernandez so includes all our tools.

Here is an overview. Nova includes a collaborative space, a template, a video/voice call, a trackable step-by-step process, an intelligent report, and more.