Must Have
90-120 days
Market & Competitor Research
Gathering and analyzing data about the market landscape and competitors to inform product strategy and positioning. This involves understanding market size, trends, customer needs, and identifying key competitors' strengths and weaknesses.
IMPLEMENTATION
Define research objectives and questions.
Use primary research methods (surveys, interviews, focus groups) to gather direct insights from potential users.
Utilize secondary research methods (industry reports, market data, competitor websites, social media) to gather existing information.
Analyze competitors' products, pricing, marketing strategies, and customer feedback.
Compile and synthesize the data into actionable insights and recommendations.
TIPS
Clearly define the scope and objectives of the research.
Use a mix of primary and secondary research for a comprehensive view.
Regularly update the analysis to reflect market changes and new competitors.
Involve cross-functional teams to get diverse perspectives.
Present findings in a clear, actionable format to stakeholders.
WHY IMPORTANT
Critical for understanding the market landscape and positioning the product effectively against competitors.
R
Product Management, Marketing
A
Product Management
C
Sales, Customer Support, UI/UX Design
I
Executive Team, Engineering, Operations