From the course: Product Management: Launching Your Product
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How to do an effective competitive analysis
From the course: Product Management: Launching Your Product
How to do an effective competitive analysis
- Let me share a little secret with you. Want to beat out your competition? It's simple, do your homework and Conduct a Competitive Analysis. Only then will you understand what makes your product unique and useful to your target market, seem obvious? Hopefully, but it's a step many companies put off. Successful companies do this work up front and they see it pay off in sales. Let's take a look at the three steps you can take to conduct your own analysis and create a strategy to take on your competitors. Step one, brainstorm your list of competitors. You likely already know some competitors, but to get a more comprehensive view of the competitive landscape, identify new competitors by doing a simple search on Google. Search using your business name, your product idea, and keywords related to your product. If you are launching a new fitness watch, you would go beyond the name of your company or product idea and search for related keywords, like activity tracker, exercise monitor band or…
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