What are some of the considerations and activities included in competitive analysis?

Remember to include activities involved in understanding your own company's position within the market the product serves. This important information helps provide the context necessary for relevant and impactful competitive analysis.

"The first important function of competitive analysis is for a product manager to understand their own company's position. This includes assessing how the products they are responsible for contribute to the company mission and any specific goals. This may also include performing a SWOT analysis to identify strengths that can be maximized, weaknesses to reduce, opportunities to capitalize on, and threats to mitigate.

Once a product manager has the appropriate context to work from, they can identify their top competitors as well as those who may be future competitors. A feature-by-feature comparison is a helpful next step to establishing the relative value of each product and determining where gaps exist. This may include using demo versions of competitor products or posing as a customer to test how they perform in customer service scenarios.

Additionally, I am sometimes I am able to gather information on how much each company invested in their products, what current projects they are working on, and what kind of staff they employ. This information usually comes through direct conversations with peers and others in my network. I find this information helpful specifically when trying to mitigate threats or beat the competition to the market."