Should Have
60-90 days
Competitive Benchmarking
Regularly comparing your product against competitors to understand relative strengths and weaknesses. This helps identify areas for improvement and opportunities to differentiate your product.
IMPLEMENTATION
Identify Competitors: List key competitors in your market and categorize them based on similarity and relevance.
Gather Data: Collect information on competitor products, features, pricing, marketing strategies, and customer reviews.
Analyze Data: Compare your product’s features, performance, and user feedback against competitors. Identify gaps and potential areas for enhancement.
Report Findings: Create a benchmarking report highlighting where your product stands in comparison to competitors.
Update Strategies: Use insights from the benchmarking report to refine your product development, marketing, and sales strategies.
TIPS
Regularly update competitive benchmarking to keep it relevant.
Focus on actionable insights that can directly influence your product’s development and positioning.
WHY IMPORTANT
Provides valuable insights but not critical for immediate product success.
R
Product Management, Marketing
A
Product Management
C
Sales, Executive Team
I
Company