Competitive Analysis
Benchmarking Competitor Performance Metrics
This prompt assists teams in benchmarking key performance metrics of competitors, such as user growth, engagement, retention, and revenue. By understanding how competitors perform in critical areas, teams can identify opportunities to improve their own metrics and strategies.
Responsible:
Product Management
Accountable, Informed or Consulted:
Product, Marketing, Strategy, Customer Success
THE PREP
Creating effective prompts involves tailoring them with detailed, relevant information and uploading documents that provide the best context. Prompts act as a framework to guide the response, but specificity and customization ensure the most accurate and helpful results. Use these prep tips to get the most out of this prompt:
Gather public data on competitors’ performance from reports, press releases, or analytics tools.
Define key metrics for benchmarking based on business objectives (e.g., engagement, revenue).
Identify similar products or services in the market for relevant comparisons.
THE PROMPT
Benchmark key performance metrics for competitors of [product/service name]. Analyze:
User metrics, such as growth rates, active users, and engagement levels.
Retention metrics, including churn rates or loyalty indicators.
Revenue metrics, such as pricing tiers, average revenue per user (ARPU), or market share.
Opportunities for [product/service name] to improve its metrics by learning from competitors’ strengths or addressing their gaps.
Provide actionable recommendations based on these benchmarks. If more context is needed about the market or competitors, ask clarifying questions to refine the analysis.
Bonus Add-On Prompts
Identify competitors with standout retention metrics and suggest strategies for [product/service name] to emulate their success.
Highlight areas where competitors are underperforming, offering opportunities for [product/service name].
Propose methods to track competitors’ metric changes over time for ongoing analysis.
Use AI responsibly by verifying its outputs, as it may occasionally generate inaccurate or incomplete information. Treat AI as a tool to support your decision-making, ensuring human oversight and professional judgment for critical or sensitive use cases.
SUGGESTIONS TO IMPROVE
Include geographic or segment-specific benchmarks to refine insights.
Focus on metrics that align with your strategic goals, such as growth or profitability.
Incorporate historical performance trends for a deeper comparison.
Add qualitative feedback, such as user reviews, to supplement metric analysis.
Highlight differences between established competitors and emerging players.
WHEN TO USE
To measure how your product stacks up against competitors.
During strategic planning to align goals with market standards.
To identify areas where competitors excel or underperform.
WHEN NOT TO USE
If reliable performance data for competitors is unavailable.
When focusing on internal metrics without external benchmarking.