Competitive product analysis is very important to us. Through competitive product analysis, we can quickly understand the industry, market, competitors and other information, which helps to improve product competitiveness. If you ignore the analysis of competing products, fail to understand the surrounding competitive market environment in time, and fail to warn and avoid risks in time, it will often have a greater impact on product projects.
Therefore, we need to pay attention to and do a good job of competing product analysis, and doing a good job of competing product analysis needs to focus on the following five aspects:
1. Clarify the purpose of competitive product analysis
In order to do a good job in competitive product analysis, you first need to clarify the purpose of the analysis, because different purposes correspond to different methods.
(1) Before the start of the project
The purpose of our competitive product analysis may be to understand the overlapping part of the competing product user group and our target user group, and further understand the users from the competing product data; by understanding the competing product model, operating model, etc., we can make improvements or innovation.
(2) In progress of the project
The purpose of our competitive product analysis may be to understand the differences and gaps between us and competing products, our own advantages and disadvantages, product market share and competitiveness, etc.; paying attention to the latest trends of competing products and timely adjusting products or operating strategies will help Discover new growth points.
2. Select competing products
The key to doing a good competitive product analysis lies in the selection of competing products. Generally, we can search through channels such as application stores, industry analysis reports, industry media, and various search engine keyword searches. We divide competing products into three categories: direct competing products, indirect competing products, and potential competing products.
Directly competing products refer to products with similar functions, overlapping target groups, and no obvious differences in solutions and technologies. Such as Douyin and Kuaishou, Meituan and Ele.me.
Indirect competing products refer to products with different functional forms and solutions, but with highly overlapping user groups and the same user needs they solve. At present, they do not constitute direct competition of interests, but there will be great competition risks in the future. Such as Coca-Cola and Jiaduobao.
Potential competing products are products that have no obvious competitive relationship now, but may form competition in the future. The product form and solution are different, but the product industry is similar and the business is similar. Such as WeChat and Douyin.
3. Competitive Product Analysis Dimensions
The competitive product analysis process is generally related to the purpose of analysis and competing products. Generally speaking, the analysis is mainly carried out from the following dimensions:
(1) Macro analysis
First of all, we analyze competing products from a macro perspective, mainly looking at their product positioning, target users, iterative versions, profit models, marketing strategies, etc. This information allows us to have an overall understanding of competing products, which provides a reference for the company's senior management to make decisions, and is conducive to the further adjustment of our product strategy and development route.
(2) Analysis of key features of the product
The key features of a product generally include: usage scenarios, user behavior, product size, product selling points, etc.
The usage scenarios of competing products are very important, because it is meaningless to talk about requirements without the scenario, and the requirements are different in different scenarios. For example, Douyin users are divided into content producers and content consumers. Content producers care about product functions in the shooting scene, while content consumers care about the functions in the browsing scene. Douyin needs to meet the needs of these two types of users.
Different users have different needs. The product volume reflects the competitive advantages of competing products, including: user volume, content volume, and sales volume.
Product selling points are the most important needs of users, and they are the problems that users urgently need to solve, reflecting the existence value of products from the perspective of users. It is information that can directly touch users to conclude a transaction. By analyzing the selling points of competing products, we understand their core competitiveness as well as their strengths and weaknesses.
In order to further improve the quality and efficiency of user needs analysis, CoCode Development Cloud uses GPT technology to automatically generate standard user stories from user needs with one click through the function of requirement itemization and automatic decomposition of sub-requirements, and automatically import requirements. The requirements analysis tool of the platform, using AI, can quickly analyze user requirements defects, such as ambiguity, duplication, omission, inconsistency, and complexity, within a few minutes through requirements testing and consistency detection, and accurately lock requirements problems, so as to be more efficient Correct defects in a timely manner and improve the quality of user requirements.
( 3) Business model and value analysis
The business model and value of the product reflect the profitability of the product. By understanding the business model and commercial value of a competing product, we can better judge the development potential of the competing product. Generally speaking, business models include: production model, advertising model, platform model, subscription model, and free model.
As for the commercial value of the product, users can pay for the product. Products with good commercial value have the following characteristics: many people use them, use them frequently, and can make continuous and stable profits. Good commercial value is the basis for judging the sustainable development of products.
( 4) Specific function analysis
From a specific functional analysis, it is mainly to compare the functions of competing products with its own products to understand the functional logic and functional advantages of competing products.
We can focus on this functional module, draw all user journeys, compare how competing products do in each part of the user journey, and analyze competing products through layer by layer refinement, so as to inspire our product design.
A user journey map is a graphical method that describes the various stages and steps that a user goes through when using a product or service, and can visually show the entire use process of the user. The elements that make up a user journey map include: people, stages, expectations, emotions, scenarios, touchpoints, pain points, and opportunities.
4. Data collection and analysis
The necessary part of competitive product analysis is data collection and analysis. Through the analysis and comparison of competing product data, further in-depth analysis of competing products.
We can collect competing product data through the following channels: official channels, industry research report think tanks, data platforms, media consultation, relevant personnel surveys, personal experience, etc.
We analyze the data of competing products, the main analysis methods: SWTO analysis method, YES/NO method, scoring method, analysis and description method, etc.
5. Draw conclusions
Through the competitive product analysis, we finally draw the conclusion of the competitive product analysis and give product suggestions. For example, we can make corresponding adjustments in the market, product function modules, and marketing strategies. This is the final conclusion of competing product analysis and supports our future product decisions. Competitive product analysis without conclusions is worthless and ineffective.
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