Competitive Analysis
Conducting a SWOT Analysis of Key Competitors
This prompt guides teams in conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for key competitors. It provides a holistic view of the competitive landscape, helping teams identify strategic opportunities and mitigate risks.
Responsible:
Product Management
Accountable, Informed or Consulted:
Product, Marketing, Strategy
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:
Identify and list competitors to be analyzed.
Gather data on their market position, user feedback, and recent initiatives.
Define strategic priorities for [product/service name], such as innovation or market differentiation.
THE PROMPT
Conduct a SWOT analysis of key competitors for [industry or product category]. For each competitor, evaluate:
Strengths: Their core advantages, such as unique features, brand recognition, or customer loyalty.
Weaknesses: Gaps or shortcomings in their product, service, or market strategy.
Opportunities: Areas where they could improve or expand, and how [product/service name] could capitalize on these gaps.
Threats: Risks posed by their strategies, such as innovations, aggressive pricing, or market dominance.
Provide recommendations for how [product/service name] can position itself effectively in light of these insights. If additional information about competitors or the market is required, ask clarifying questions to refine the analysis.
Bonus Add-On Prompts
Suggest ways to turn competitors’ weaknesses into opportunities for [product/service name].
Highlight external threats posed by competitors’ recent innovations or market expansions.
Propose strategies to mitigate risks from competitors’ strengths while leveraging their weaknesses.
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
Focus on a single competitor for a deep dive SWOT analysis.
Tailor analysis for specific product categories or geographic regions.
Include historical trends to evaluate competitors’ growth or decline.
Highlight emerging competitors alongside established players.
Add user persona feedback to understand how competitor strengths and weaknesses resonate with target audiences.
WHEN TO USE
To identify strategic opportunities in the competitive landscape.
During market research for product positioning or expansion.
When responding to competitive threats or shifts in the market.
WHEN NOT TO USE
If sufficient data about competitors is unavailable.
When the focus is purely on internal product development.