07. Competitive Analysis

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Competitive Analysis

ND036 C1 L3 11 Competitive Analysis

Recap

As part of competitive analysis, you’ll want to understand:

  • Product offering and key features
  • Differentiators
  • Target customers
  • Distribution channels
  • Price points

Competitive Analysis Quiz 1

What types of things could you expect to see in a competitive analysis?
SOLUTION:
  • Key features
  • Differentiators
  • Product Screenshots
  • Pricing
  • Target Customers
  • Reviews
  • Quotes from customers

Identify competitors

QUESTION:

Identify competitors

Think about Snapchat and identify a few competitors.

ANSWER:

Examples of competitors include Instagram, Telegram, Twitter, and iMessage… But there’s lots of other examples of apps that allow people to send messages to each other.

Summary

Competitive analysis in its simplest form is identifying other similar products in the market, including the users each product is targeting. At a high level, competitive analysis includes:

  • Looking at competing products in the market
  • Understanding strategy behind competing products
  • Identifying strengths and weaknesses of each product
  • Anticipate shifts in the market and trends

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