As I explained to you in the introductory guide to Product Marketing<\/a>, the Discover<\/em> phase consists of a series of intelligence steps in which the Product Marketing Manager collects data and analyzes it before proceeding toward strategy and growth.<\/p>\n <\/p>\n <\/p>\n Competitor analysis falls under the broader hat of Competitive Intelligence<\/em>. When we talk about competitive intelligence we refer to a set of monitoring and data collection activities aimed at studying the scenario outside the company: significant players in the sector, customers, regulations, market trends, and the like. The ultimate goal is to support management in strategic decision-making processes.<\/p>\n Some of the objectives of Competitive Intelligence<\/em> overlap perfectly with those of competitor analysis:<\/p>\n Speaking of competitive advantage, it is useful to refresh our ideas a little with the basic theory.<\/p>\n Definition of competitive advantage: set of elements that contribute to making the performance of the product superior to those recorded in the products of direct competitors. Basically, it is that added value that differentiates your product offer on the target market from that of others.<\/strong><\/p>\n<\/blockquote>\n <\/p>\n <\/p>\n It is imperative to mention Michael Porter, a Harvard professor, to whom we owe the theorization of the main concepts on how to achieve market leadership:<\/p>\n Lower cost<\/strong>: the production at lower costs of products similar to those of competitors allows to increase the margin on the selling price and attract wider audiences. On the other hand, this competitive advantage involves risks related both to technological innovations (which allow reducing costs on a large scale) and to the lack of production improvement (since we are focused only on the lowest possible cost).<\/p>\n Differentiation<\/strong>: it is the company’s ability to enhance the product through those unique and distinctive features that allow it to impose a premium price. The customer knows why they spend more and is happy to do so. However, this strategy also has risks. The main one is that the target does not recognize the Single Value Proposition and is therefore not willing to pay for it.<\/p>\n Focus<\/strong>: in order to implement the previous strategies relating to cost reduction and the enhancement of differences, efforts need to be focused. The competitive advantage on price is pursued by limiting the number of reference markets, the one on differentiation by profiling a target sensitive to quality. In any case, production will have to deal with critical mass and the ability to satisfy demand.<\/p>\n <\/p>\n <\/p>\n For the analysis of competition in Product Marketing, it is also possible to resort to the use of benchmarking: an analytical evaluation that allows you to measure the product against a series of pre-established standards.<\/p>\n Benchmarking<\/em> in fact translates as a comparative analysis, while the benchmark is the indicator<\/strong> used as a touchstone to create a comparison between the parameters of your product and those of the competition. Benchmarking also serves to isolate, study and evaluate progress, weaknesses, and strengths in relation to the most important players in the market.<\/p>\n <\/p>\n <\/p>\n Benchmarking requires the application of precise methodologies, on which I do not go into the merits. Now we need to understand the basics of the activity:<\/p>\n <\/p>\n <\/p>\n Competitor analysis is used to collect as much information as possible to identify what competitors are doing and how they do it: products, marketing tactics, and market shares. The goal is to be able to develop an effective GTM (Go-To-Market) strategy<\/strong> and gain the coveted competitive advantage. In this way, it will be possible to improve the production, sales, and marketing process.<\/p>\n “Through competitive intelligence and competitor analysis, organizations reduce strategic risk and increase revenue opportunities” (Cam Mackey, executive director of “Strategic and Competitive Intelligence Professionals”).<\/em><\/p>\n<\/blockquote>\n Here are the main advantages that the Product Marketing Manager knows he can derive from a well-planned and executed competitor analysis:<\/p>\n Result: knowing fundamental data relating to direct competitors and indirect competitors<\/strong>.<\/p>\n Advantage: keeping up with industry trends<\/strong>, trying to innovate to exceed the reference standards.<\/p>\n Result: Collect deeper data on the scenario of opportunities and threats<\/strong>.<\/p>\n <\/p>\n To make a competitor analysis that works, you will first need to categorize the competition<\/strong>. The macro-categories are:<\/p>\n For each identified competitor it is advisable to select the flagship product, which in English is defined as a bread-and-butter product<\/strong>. Focusing on the strengths of the best-selling product, the one with the best specialist press reviews, or the one with the longest life cycle, gives you the opportunity to learn more about the winning features and functions. An excellent starting point for developing features or correcting defects, so that your product also satisfies the needs and solves customer problems.<\/p>\n While you monitor how indirect and direct competitors move in your target market, don’t neglect to evaluate your product analytically<\/strong>. The benchmarking<\/em> technique, as mentioned, allows you to understand what differentiates your product from that of the competition, identifying the priority criteria, or the analysis ‘alerts’ that allow you to remain competitive.<\/p>\n <\/p>\n <\/p>\n <\/p>\n To gather so much information and analyze it so that they give useful and actionable results, you will need to proceed with a plan that answers the following questions:<\/p>\n The answer to the question \u201cWhat do I want to monitor and why\u201d is strictly linked to the objectives of your competitor analysis<\/strong>. What you decide to control and measure will be one of the pillars of your strategy as a Product Marketing Manager. The indicators can be many, I will list some of them by way of example:<\/p>\n As regards the collection of information, the research data can be the result of customer and focus group feedback<\/a>, to be cross-referenced with the data already present in the company databases. The summary reports must contain in-depth notes that return a photograph as truthful as possible of the scenario analyzed and the actors on stage.<\/p>\n In the next chapter, I will focus on the tools you can use for competitor analysis in Product Marketing.<\/p>\n <\/p>\n <\/p>\n The analysis of extended competition, also known as the Five Competitive Forces Model, or Porter matrix, allows you to evaluate the competitive position<\/strong> of the product. In particular, we analyze those continuous forces, acting in the same economic environment, which can lead to the loss of competitiveness and therefore, profitability. They are:<\/p>\n <\/p>\n Among the various business design tools, the SWOT matrix (an acronym for Strengths, Weaknesses, Opportunities, Threats) allows you to evaluate both internal and external factors: exactly what we need for an effective and successful Product Marketing plan. I proceed with a brief outline of the basic concepts and I refer you to this link<\/a> for further information.<\/p>\n Take for example an eCommerce that sells sneakers shoes.<\/p>\n SWOT’s strengths are effective and efficient initiatives, i.e. those that work. You can identify them by answering some questions such as:<\/p>\n What do we do very well?<\/em><\/p>\n What does the target audience appreciate about our company?<\/em><\/p>\n Strengths SWOT analysis example: Customers Service<\/p>\n The eCommerce customer service has an NPS score of 85, much higher than that obtained from the competitor analysis.<\/p>\n The weaknesses are the poorly performing initiatives, which need improvement adjustments. In this case, the questions to ask could be these:<\/p>\n What can we improve?<\/em><\/p>\n What initiatives are ineffective and why don’t they work?<\/em><\/p>\n SWOT analysis example of weakness: Problems using the app<\/p>\n Mobile app transactions are on the decline due to some unresolved bugs.<\/p>\n The analysis of strengths and weaknesses helps you identify opportunities. There could be some weaknesses that could be improved upon. Returning to the case of sneakers eCommerce, here is a possible example of an opportunity in SWOT analysis:<\/p>\n The new version of the app: to fix the bugs identified an updated version of the application for mobile devices is developed and released.<\/p>\n Threats are potential problems. They differ from weaknesses as they relate to external factors beyond the control of the organization. Some typical questions for identifying SWOT threats are:<\/p>\n What is the competition better than us?<\/em><\/p>\n What market trends are worrying for our product?<\/em><\/p>\n A threat to the eCommerce object of our example is the presence of a new online sales site that can erode the customer base.<\/p>\n Practical advice on how to create the SWOT diagram for competitor analysis<\/strong><\/p>\n The SWOT matrix is \u200b\u200boften represented by four divided quadrants. In the upper part Strengths and Weaknesses are represented, while in the lower part Opportunities and Threats. Among the many models, I propose this one that is adaptable to specific business needs.<\/p>\n <\/p>\n <\/p>\n <\/p>\n Before leaving the SWOT matrix and moving on to the next topic, here are two SWOT business cases of multinationals: Amazon and Google.<\/p>\n Amazon SWOT Analysis<\/strong><\/p>\n The following image summarizes the key elements of Amazon’s SWOT analysis.<\/p>\n <\/p>\n <\/p>\n <\/p>\n Big G also uses the SWOT matrix to monitor corporate strategy and to keep indirect and direct competitors under control, as well as the factors useful for growth and risk reduction.<\/p>\n SWOT Analysis Google<\/strong><\/p>\n <\/p>\n <\/p>\n <\/p>\n To complete the SWOT analysis it is advisable to integrate it with the PEST analysis. The latter focuses on external risks associated with possible market disturbances, monitoring the following elements:<\/p>\n <\/p>\n My name is Luciano Castro and I am the president of Product Manager Alliance<\/a>, the first Italian and European association of Product Management. In the role of Product Manager, I have experience in the field of digital products: I have been CTO and CEO of companies in the Aruba group. Today I deal with making ideas and products grow<\/strong>.<\/p>\n How? I invest and work with startups and Fortune500 companies. Furthermore, as founder and CEO of Castro & Partners, with a group of qualified professionals, I support companies and managers to maximize their operational efficiency.<\/p>\n If you think my skills can help you turn your projects into business, contact me<\/a>: together we will go from strategy to action!<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" In this article, we continue the study of the Discover phase in Product Marketing. In particular, I intend to focus on how to do the competitor analysis and benchmarking. This crucial step will allow you to define the contours of the positioning and the unique sales proposal. As I explained to you in the introductory […]<\/p>\n","protected":false},"author":5,"featured_media":7692,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" [et_pb_section fb_built=\"1\" _builder_version=\"4.16\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.16\" background_size=\"initial\" background_position=\"top_left\" background_repeat=\"repeat\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.16\" custom_padding=\"|||\" global_colors_info=\"{}\" custom_padding__hover=\"|||\"][et_pb_text _builder_version=\"4.17.4\" background_size=\"initial\" background_position=\"top_left\" background_repeat=\"repeat\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<\/p> In questo articolo continuiamo l\u2019approfondimento della fase Discover<\/em> nel Product Marketing<\/strong>. In particolare, intendo concentrarmi su come fare l\u2019analisi competitor e benchmarking<\/em>. Si tratta di un passaggio importante che ti permetter\u00e0 di definire i contorni del posizionamento e della proposta unica di vendita<\/strong>.<\/p> Come ti ho spiegato nella guida introduttiva al Product Marketing<\/a>, la fase Discover<\/em> si compone di una serie di passaggi di intelligence<\/em> nei quali il Product Marketing Manager raccoglie dati e li analizza prima di procedere verso la strategia e la crescita.<\/p> \u00a0<\/p> \u00a0<\/p> L\u2019analisi competitor rientra sotto il cappello pi\u00f9 ampio della Competitive Intelligence<\/em>. Quando si parla di intelligenza competitiva<\/strong> ci si riferisce a un insieme di attivit\u00e0 di monitoraggio e di raccolta dati finalizzate a studiare lo scenario esterno all\u2019azienda: principali player del settore, clienti, normative, tendenze di mercato e simili. L\u2019obiettivo finale \u00e8 quello di supportare il management nei processi decisionali strategici.<\/p> Alcuni degli obiettivi della Competitive Intelligence<\/em> si sovrappongono perfettamente a quelli dell\u2019analisi dei competitors:<\/p> A proposito di vantaggio competitivo, giova rinfrescarci un po\u2019 le idee con la teoria di base.<\/p> Definizione di vantaggio competitivo<\/strong>: insieme degli elementi che contribuiscono a rendere le performance del prodotto superiore a quelle registrate nei prodotti dei concorrenti diretti. In sostanza, \u00e8 quel valore aggiunto che differenzia la tua offerta di prodotto sul mercato di riferimento rispetto a quella degli altri.<\/p><\/blockquote> \u00a0<\/p> \u00a0<\/p> D\u2019obbligo fare un cenno a Michael Porter, professore di Harvard, al quale dobbiamo la teorizzazione dei principali concetti su come raggiungere la leadership di mercato:<\/p> Minor costo<\/strong>: la produzione a costi inferiori di prodotti simili a quelli dei concorrenti permette di aumentare il margine sul prezzo di vendita e di attrarre fasce di pubblico pi\u00f9 ampie. D\u2019altro canto, questo vantaggio competitivo comporta dei rischi legati sia alle innovazioni tecnologiche (che permettono di abbattere i costi su larga scala), sia alla mancanza di miglioramento produttivo (poich\u00e9 si \u00e8 concentrati solo sul minor costo possibile).<\/p> Differenziazione<\/strong>: \u00e8 la capacit\u00e0 dell\u2019azienda di valorizzare il prodotto attraverso quelle caratteristiche uniche e distintive che consentono di imporre un premium price<\/em>. Il cliente sa perch\u00e9 spende di pi\u00f9 ed \u00e8 felice di farlo. Anche questa strategia ha per\u00f2 dei rischi. Il principale \u00e8 quello che il target non riconosca la Proposta Unica di Valore e non sia perci\u00f2 disposto a pagarla.<\/p> Focus<\/strong>: per mettere in atto le precedenti strategie relative ad abbattimento dei costi e alla valorizzazione delle differenze, serve focalizzare gli sforzi. Il vantaggio competitivo sul prezzo si persegue limitando il numero di mercati di riferimento, quello sulla differenziazione profilando un target sensibile alla qualit\u00e0. In ogni caso la produzione dovr\u00e0 fare i conti con la massa critica e con la capacit\u00e0 di soddisfare la domanda.<\/p> \u00a0<\/p> \u00a0<\/p> Per l\u2019analisi della concorrenza nel Product Marketing si pu\u00f2 fare ricorso anche all\u2019uso del benchmarking<\/em>: una valutazione analitica che consente di misurare il prodotto rispetto a una serie di standard prestabiliti.<\/p> Benchmarking<\/em> si traduce infatti come analisi comparativa, mentre il benchmark<\/em> \u00e8 l\u2019indicatore<\/strong> utilizzato come pietra di paragone per creare un confronto fra i parametri del tuo prodotto e quelli della concorrenza. Anche il benchmarking<\/em> serve per isolare, studiare e valutare progressi, punti deboli e punti di forza in relazione ai pi\u00f9 importanti player del mercato.<\/p> \u00a0<\/p> \u00a0<\/p> Il benchmarking<\/em> richiede l\u2019applicazione di precise metodologie, sulle quali non entro nel merito. Adesso ci serve capire le basi dell\u2019attivit\u00e0:<\/p> \u00a0<\/p> L\u2019analisi competitor serve a raccogliere il maggior numero di informazioni utili per identificare cosa fanno i concorrenti e come lo fanno: prodotti, tattiche di marketing e quote di mercato. L\u2019obiettivo \u00e8 quello di riuscire a sviluppare una strategia di GTM<\/strong> (Go-To-Market) efficace e di guadagnare l\u2019ambito vantaggio competitivo. In questo modo sar\u00e0 possibile migliorare il processo di produzione, vendita e marketing.<\/p> \u201cAttraverso l\u2019intelligenza competitiva e l\u2019analisi dei concorrenti, le organizzazioni riducono il rischio strategico e aumentano le opportunit\u00e0 di guadagno<\/em>\u201d (Cam Mackey, direttore esecutivo di \u201cStrategic and Competitive Intelligence Professionals\u201d).<\/p><\/blockquote> Ecco i principali vantaggi che il Product Marketing Manager sa di poter ricavare da un\u2019analisi competitor ben pianificata ed eseguita:<\/p> Risultato: conoscere dati fondamentali relativi ai concorrenti diretti<\/strong> e ai concorrenti indiretti<\/strong>.<\/p> Risultato: profilare i clienti target<\/strong> in relazione alla dinamica del mercato.<\/p> Risultato: raccogliere dati pi\u00f9 profondi sullo scenario di opportunit\u00e0 e minacce<\/strong>.<\/p> \u00a0<\/p> Per fare un\u2019analisi competitor che funzioni, dovrai procedere innanzitutto a categorizzare la concorrenza<\/strong>. Le macrocategorie sono:<\/p> Di ogni concorrente individuato \u00e8 consigliabile selezionare il prodotto di punta, ci\u00f2 che in inglese si definisce bread-and-butter product<\/em><\/strong>. Fare focus sui punti di forza del prodotto pi\u00f9 venduto, o di quello che ha le migliori recensioni della stampa a livello specialistico, o ancora di quello che ha il ciclo di vita pi\u00f9 longevo ti d\u00e0 modo di approfondire le funzionalit\u00e0 e le caratteristiche vincenti. Un ottimo punto di partenza per sviluppare features<\/em> o correggere difetti, cosicch\u00e9 anche il tuo prodotto assecondi le esigenze e risolva le criticit\u00e0 dei clienti.<\/p> Mentre monitori come si muovono nel mercato di riferimento i concorrenti indiretti e diretti, non trascurare di valutare il tuo prodotto<\/strong> in modo analitico. La tecnica del benchmarking<\/em>, come detto, ti consente di capire cosa differenzia il tuo prodotto da quello della concorrenza, identificando i criteri prioritari, ovvero gli \u2018alert\u2019 di analisi che permettono di restare competitivo.<\/p> \u00a0<\/p> \u00a0<\/p> \u00a0<\/p> Per raccogliere cos\u00ec tante informazioni e per analizzarle in modo che diano risultati utili e utilizzabili, dovrai procedere con un piano che risponde alle seguenti domande:<\/p> La risposta alla domanda \u201cCosa voglio monitorare e perch\u00e9<\/em>\u201d \u00e8 strettamente collegata agli obiettivi della tua analisi competitor<\/strong>. Ci\u00f2 che decidi di controllare e di misurare sar\u00e0 uno dei pilastri della tua strategia come Product Marketing Manager. Gli indicatori possono essere molteplici, te ne elenco alcuni a titolo esemplificativo:<\/p> Per quanto concerne la raccolta delle informazioni<\/strong>, i dati delle ricerche possono essere frutto dei feedback clienti<\/a> e di focus group, da incrociare con i dati gi\u00e0 presenti nei database aziendali. I report di riepilogo devono contenere note di approfondimento che restituiscano una fotografia quanto pi\u00f9 veritiera possibile dello scenario analizzato e degli attori in scena.<\/p> Nel prossimo capitolo mi soffermo sugli strumenti che puoi usare per l\u2019analisi competitor nel Product Marketing.<\/p> \u00a0<\/p> \u00a0<\/p> L\u2019analisi della concorrenza allargata, detta anche Modello delle Cinque Forze Competitive, ovvero matrice Porter, consente di valutare la posizione competitiva<\/strong> del prodotto. In particolare, si analizzano quelle forze continue, agenti nel medesimo ambiente economico, che possono portare alla perdita di competitivit\u00e0 e quindi di redditivit\u00e0. Esse sono:<\/p> \u00a0<\/p> Fra i vari strumenti di business design, la matrice SWOT (acronimo di Strenghts<\/em>, Weaknesses<\/em>, Opportunities<\/em>, Threats<\/em>) consente di valutare sia i fattori interni che quelli esterni: esattamente ci\u00f2 che ci serve per un piano di Product Marketing efficace e di successo. Procedo con brevi cenni ai concetti base e ti rimando a questo link<\/a> per un eventuale approfondimento.<\/p> Prendiamo ad esempio un eCommerce che vende scarpe sneakers.<\/p> I punti di forza SWOT sono le iniziative efficaci ed efficienti, ovvero quelle che funzionano. Le puoi individuare rispondendo ad alcune domande come:<\/p> Cosa facciamo molto bene?<\/em><\/p> Cosa apprezza della nostra azienda il target di riferimento?<\/em><\/p> Esempio SWOT analysis punto di forza: Customers Service<\/p> Il servizio cliente dell\u2019eCommerce ha un punteggio NPS di 85, decisamente superiore rispetto a quello ricavato dall\u2019analisi competitor.<\/p> I punti di debolezza sono le iniziative scarsamente performanti, che necessitano di aggiustamenti migliorativi. In questo caso le domande da porsi potrebbero essere queste:<\/p> Cosa possiamo migliorare?<\/em><\/p> Quali iniziative sono poco efficaci e perch\u00e9 non funzionano?<\/em><\/p>Finding the right approach for competitor analysis in Product Marketing<\/h2>\n
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![\"vantaggio](\"https:\/\/lucianocastro.com\/wp-content\/uploads\/2022\/06\/vantaggio-competitivo-product-marketing-300x200.png\" "\\"\\"")
<\/p>\nBenchmark analysis: definition and phases<\/h3>\n
How is the benchmarking activity carried out?<\/h4>\n
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Why is the analysis of competitors in Product Marketing important?<\/h2>\n
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How is competition analysis done in Product Marketing?<\/h2>\n
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![\"sorpasso](\"https:\/\/lucianocastro.com\/wp-content\/uploads\/2022\/06\/sorpasso-concorrenza-300x169.jpg\" "\\"\\"")
<\/p>\nWhat tools to use for competitor analysis?<\/h2>\n
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Porter matrix for competitor analysis<\/h3>\n
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SWOT analysis in Italian<\/h3>\n
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![\"esempio](\"https:\/\/lucianocastro.com\/wp-content\/uploads\/2022\/06\/esempio-swot-analysis-matrice-300x225.png\" "\\"\\"")
<\/p>\nExamples of SWOT: Amazon e Google<\/h4>\n
![\"SWOT](\"https:\/\/lucianocastro.com\/wp-content\/uploads\/2022\/06\/SWOT-amazon-300x225.png\" "\\"\\"")
<\/p>\nSWOT analysis example: Google<\/h4>\n
![\"Google](\"https:\/\/lucianocastro.com\/wp-content\/uploads\/2022\/06\/Google-SWOT-case-study-300x225.png\" "\\"\\"")
<\/p>\nPEST analysis<\/h3>\n
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What is my experience with competitor analysis in Product Marketing?<\/h2>\n
Trovare il giusto approccio per analisi dei competitors nel Product Marketing<\/h2>
<\/p>Analisi del benchmark: definizione e fasi<\/h3>
Come si svolge l\u2019attivit\u00e0 di benchmarking?<\/h4>
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Perch\u00e9 \u00e8 importante l\u2019analisi dei competitors nel Product Marketing?<\/h2>
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Come si fa l\u2019analisi della concorrenza nel Product Marketing?<\/h2>
<\/p>Quali strumenti usare per l\u2019analisi competitor?<\/h2>
Matrice Porter per analisi competitor<\/h3>
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SWOT analysis in italiano<\/h3>