A competitive analysis provides the team with an understanding of how other companies are solving similar problems. While business analysis looks inward to determine if the company can deliver on the needs and demands of users, competitive analysis looks outward at the decisions other companies have made about similar products and services. A more business-oriented competitive analysis might look more at what features competitors are using to reach their users, while a design-oriented analysis might focus on a product’s or service’s architecture, design, and execution.
A competitive analysis will help you to understand what’s common and therefore necessary for your product or service to do in order to be successful while also highlighting opportunities for differentiation. Because every experience competes for users’ attention, the competitive analysis is always important. Even if you don’t do a formal competitive analysis, take the time to make yourself aware of the competition before moving into the define or refine phases of work.Buy from Amazon Buy Elsewhere
The competitive analysis for Observations Suite highlights a series of features across key competitors and then establishes best-in-class practices with digital sketches for how features work, how they’re organized, and how they’re presented.
Will people buy my product? How much will they spend? Can we produce the product? For how much?
What underlying technology is essential to my product or service? Does my company have that capability?
Who is important to the success of my project? What do stakeholders think I should know? What risks should I be prepared for?
Can I learn from other companies? What non-adjascent experiences can offer relevant input to my project?