How to do competitive product analysis?

Remember one sentence: A report that ignores the purpose and talks about the structure is not a good report.

When doing competitive product analysis, first clarify the following questions:

1. Who are the readers of the report?

2. What can readers of the report get from it?

3. What is your role?

4. What purpose do you need to use this report to achieve?

The above is the framework used in the "User Experience Upgrade Report of a Certain Project". In different periods of the project, according to different needs, we can add, delete and flexibly use the framework.

Competitive product analysis is a basic task that every Internet practitioner needs to do. Different functions have different focuses. For example, operations personnel may focus more on the strategic positioning, profit model, and promotion methods of the product, while product planners may focus more on product positioning, target users, and product functions. Interaction designers focus more on product interfaces and specific interaction forms. Of course, these dimensions are organically linked and cannot be treated in isolation.

When a product is at different stages, the purpose and focus of competitive product analysis will be different. Before doing competitive product analysis, we need to know which stage we are at so that we can conduct corresponding analysis.

Main analyst: Product Manager

Purpose of use: determine the direction and understand the market

Focus: the development of the market in the corresponding field, the business of competing products Model, product positioning, profitability status

Commonly used methods: focus groups, expert opinion method, questionnaire survey method, secondary data collection method

Main analyst: product manager/user researcher

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Purpose of use: Study the target group of competing products and the importance of their needs

Focus: The target group of competing products, what needs are met, user satisfaction, and the classification of competing products Backward reasoning of methods and dimensions

Commonly used methods: questionnaire method, interview method, on-site observation method, secondary data collection method

Main analyst: product manager

Purpose of use: seeking differences

Focus: main functions, architecture, special functions, development models and summary of advantages and disadvantages of competing products

Common methods: questionnaire survey method, interview method , Secondary data collection method

Main analyst: interaction designer

Purpose of use: optimize the process and create a better user experience

Focus: competing products The structure, the smoothness of the main task process, the structure of the page, the interactive actions, the accuracy of the logic, the page language style

Commonly used methods: usability testing method, observation method, interview method

Mainly Analyst: Visual designer

Purpose of use: To create the uniqueness of the product on the basis of maintaining users’ traditional understanding of this type of product

Focus: The language style of competing products, Color, color level, page details

Commonly used methods: usability testing method, observation method, interview method

Main analyst: user researcher/interaction designer

Purpose of use: verify the product and optimize the experience

Focus: usage tasks and user feedback, comparative test results of competing products and own products

Common methods: usability testing method, observation method, Interview method

The purpose of competitive product analysis is simply to use the information data obtained through competitive product analysis as a reference for the company's business. So what references can it provide?

(1) Provide a relatively objective reference basis for enterprises to formulate industry product strategic planning, product sub-product line layout, and market share;

(2) Keep abreast of competition at any time The opponent's products and market dynamics. If the data channels are mined reliably and stably, the opponent's strategic intentions and latest adjustment direction can be judged based on relevant data information;

(3) Competitors' capital background and market user details can be grasped. Satisfying the needs of different groups and vacancies in the market, including product operation strategies;

(4) Quickly adjust yourself to maintain the stability of your own products in the market or quickly increase market share;

(5) Provide reference for its own product iteration, conduct comparative analysis from user needs, function comparison, architecture comparison, process comparison, product interface, etc., and put forward iteration suggestions based on its own product positioning.

At different stages of the project, the purpose of competitive product analysis will be different, so it needs to be determined based on the specific circumstances of the project.

(1) Market analysis is the basis for correctly formulating product strategies

Only when product strategy decisions are based on solid market analysis can mistakes be reduced and the scientific nature and effectiveness of decision-making improved. correctness to minimize risk.

(2) Market analysis is the guarantee for the implementation of the product strategic plan

In the process of implementing the product strategic plan, the product strategy can be tested and judged based on the latest information obtained from market analysis Whether the plan needs to be modified and how to modify it to adapt to new situations or situations that the product has not mastered in advance, so as to ensure the smooth implementation of the product strategic plan.

Combined with the common methods of market analysis mentioned earlier (focus groups, expert opinion method, questionnaire survey method, secondary data collection method), market analysis can be analyzed from the following four aspects:

Market size

Market trends

Market gaps

User groups

When conducting market analysis, you need to pay attention to several points :

(1) Clear purpose and targeted

The purpose of market analysis is to analyze changes in the market environment in related fields, seize market opportunities, and guide and promote market development. Based on reality, we conduct targeted research and analysis of market development and promptly answer various problems that need to be researched and solved in the market.

(2) Authentic, reliable and documentary

Documentary is one of the main characteristics of market analysis. In market analysis, it explains the background, the occurrence, development and results of events. Narratives must rely on the results of investigation and research, emphasize authenticity and accuracy, reflect objective reality, speak with facts, and do not allow specious and hearsay elements to be added.

(3) Revealing patterns and being analytical

Various facts and phenomena obtained through market research need to be concisely commented and analyzed in writing. Market analysis cannot be separated from basic facts and main phenomena, but it cannot be just a description of facts and a pile-up of phenomena. It must reveal the nature and regularity of the development of things through systematic and comprehensive research, analysis and commentary on the entire process of development. .

The scope of competitive product selection is not limited to products with direct competitive relationships. You can also choose other excellent products with a larger audience. The number of competing products to choose can be based on the 80/20 principle and just pay close attention to 20% of the competing products.

A similar product, such as online education products for college students and professionals, includes: Youmi Cloud Classroom, NetEase Cloud Classroom, and Xuetang Online. When we analyze, it is impossible to analyze all of them. To analyze the product, it is necessary to select the direct main competitors of the developed product, as well as other products with a large audience that may penetrate into the field, that is, potential main competitors.

(1) Direct competitors

Including competitors with similar or consistent market direction goals, customer groups, product functions, and user needs.

(2) Indirect competitors

In the same industry, but with different user groups, the advantages and disadvantages of the products are complementary. If the other party is not profitable with this product, it is a potential threat. competitor.

(3) Competitors with different models in the same industry

(4) Concept pioneers with strong capital

(5) Foresight, background, and qualifications individuals, groups, companies.

If you choose the right competing product, you will get twice the result with half the effort, but if you choose the wrong one, you will regret it for the rest of your life. The only premise of competitive product analysis is competing products. If you choose the wrong competing products, it will be fatal not only to waste workload, but also to draw wrong conclusions and harm the team.

So how to choose competing products correctly? It’s called knowing yourself and the enemy. The first thing is to know your friends: if it is the project establishment stage, you need to know where the current market trends are, user needs, product positioning, etc.; if it is a large-scale iterative revision, you may tend to the shortcomings of old products and the characteristics of emerging products.

How to select competing products:

(1) First extract the target keywords, which can be multiple

(2) According to the extracted target keywords, Find the corresponding products

(3) Overlay and compare the found products with each other to obtain the target competing products

(1) Internal channels of the company

Marketing department, operation department , senior leaders, and colleagues who may know.

(2) Company external channels

Industry media, search engines, relevant BBS, offline industry gatherings, official financial reports, blogs of relevant people, recruitment information, customer service consultation, etc.

(3) Competitors

Competitor official websites, communication and interaction platforms, dynamic news, product history updated versions, promotional activities, etc.

(4) Survey users

Ordinary users, active users, professional users, etc.

(1) Company level

Technology, market, products, operations, core goals, industry influence, annual profit data, investment in each product line, and main profitable products.

(2) User level

User coverage, market share, operating profit model, total number of user registrations, number of installed machines, number of active users, conversion rate.

(3) Product level

Comparison of product function details, stability, ease of use, user experience, visual design, technical implementation architecture advantages and disadvantages, key platform rankings, keyword exclusions Number of chains.

Using a competitor’s products for a long time will allow you to gradually understand the other party’s product strategy, and at the same time you can absorb the excellent details of the other party’s products; pay attention to the Weibo of the other party’s employees, and you can analyze a lot of value from just a few words Information; regularly dive into competitors' official forums to read user complaints. After accumulating information for a period of time, you will roughly know where competitors' product problems are concentrated, and these problems are often the next step of product improvement or development direction of competitors. ; By analyzing the recruitment information of competitors' key positions, we can see the direction of their business development.

Pay attention to the reliability of the information. The higher the reliability, the more accurate the analysis based on the data.

Understand your competitors’ information and data. The reliability of the data is very important. Only by obtaining information and data through reliable data channels is valuable. iResearch, DCCI, Alexa, etc. are relatively reliable channels.

Product strategy and positioning in the market. For example, the strategic positioning of "a certain product": provides a full range of travel needs services for small and medium-sized enterprise customers, with service functions such as air ticket booking, hotel booking, itinerary management, approval management, business travel management, and business travel statistics, and is convenient, safe, Efficient and price transparent.

Product profit opportunities. For example, the profit model of "Ctrip Business Travel" mainly relies on charging agency fees and online advertising fees.

Includes content: composition of paying users, payment logic, profit status, profit development; actual quarterly and annual profit values, and key investment information for each product line.

Obtain channels: product and user analysis; if it is a listed company, look at the financial report; for other companies, look on the Internet

The user group that the product is mainly aimed at needs to analyze the target group Characteristics (including gender, age, income, geographical distribution, education level, etc.), pain points, usage scenarios, etc.

Obtain channels: Baidu index, research reports, user observations, questionnaires

Product design dimensions, mainly from functional comparison, architecture comparison, process comparison, interaction design, visual performance, etc. Perform analysis.

(1) Function comparison

Includes content: functions of each module of the product, user awareness, usage status, user evaluation, etc.

Obtain channels: product experience analysis, product reviews, user forums.

1. Two-level evaluation method

Two-level very simple "yes/no", "yes/no", "√ or ×" evaluation method;

< p> 2. Multi-level scoring method

That is, scoring competing products based on different evaluation standards. For example, the full score is 10 points. If there is no such function, it will be 0 points. If it has the function, set a certain product as the reference object. Comparative scoring, for example, if a product function is rated 5 points and the functional experience is higher than that of the product, the product will be rated 6-10 points based on the experience level. The scoring scheme here can use pairwise comparison scoring.

3. Function description method

It can be regarded as a supplement to the above two methods. After scoring and rating, the function is described in a more detailed form.

Case: Compare each functional module to find out the functional differences, and propose improvements based on the strategic positioning of the product. The form can be shown in Figure 7-6:

(2) Architecture comparison

Product architecture comparison mainly considers the following aspects:

1. "Breadth" and "depth"

From the perspective of breadth and depth, the architecture mainly has two types: "narrow and deep" and "wide and shallow", each with its own characteristics. When conducting analysis, choose the appropriate one according to the positioning of the product. architecture.

Narrow and deep:

Advantages—reduced user options

Disadvantages—increased user steps

Wide and shallow:

Advantages—Complete the corresponding task objectives with fewer clicks

Disadvantages—There are too many “information classification standards” in the hierarchy, which increases the difficulty of finding classifications at each level

2. Architecture extensibility

The architecture should be extensible and be able to accommodate new content as part of the existing structure, and new content can also be added as a completed new part. See Figure 7-8.

3. Consistency

Structure

Operation

Feedback

(3) Process comparison

Process comparison can be combined with usability testing to compare the processes used by several products to complete a certain task, record the key processes that affect the user experience, and make corresponding improvements. For details, please see "OK User Experience Analysis" Report".

(4) Interaction Design

For competitive product analysis of interaction design, we need to refer to the "usability criteria" for analysis. There are many different versions of usability criteria. The 10 most commonly used usability criteria are:

(5) Visual performance

Visual performance can start from the following aspects:

Competitive product analysis should ensure consistency with the purpose, ensure that all questions raised before competitive product analysis are answered, and provide constructive suggestions for the product's strategic positioning and user experience. Never analyze for the sake of analysis to ensure the effectiveness of competitive product analysis.

The results of competitive product analysis must be clear and clear, pointing out clear directions or suggestions. Do not analyze for a long time and end up with ambiguous conclusions.

There are many methods in the analysis process. Here are a few commonly used methods. More additions can be made later.

The SWOT analysis method (also known as the Dawes Matrix) is a situation analysis chart. It was proposed by Weirick, a management professor at the University of San Francisco in the 1980s. It is often used in corporate strategy formulation, competitor analysis, etc. occasion. It is a method that will synthesize and summarize all aspects of the internal and external conditions of the enterprise/product, and then analyze the advantages and disadvantages, opportunities and threats faced by the enterprise/product.

You need to pay attention to the following points when analyzing:

1. Have an objective understanding of the advantages and disadvantages of the company/product

2. The current situation and situation of the company/product Prospects

3. Think comprehensively

4. Compare with competitors, such as whether they are better or worse than your competitors. Keep it simple and avoid complication and over-analysis

Based on the SWOT analysis method, there is currently a very similar "quadrant analysis method". The four quadrants have different names according to needs, and can be used flexibly here. As shown below:

The main purpose of the table is to summarize it more clearly. The general form is the same as the previous "Function Comparison". It can be adjusted accordingly according to the needs, so I will not go into details here. The content in the figure below can be used as information comparison dimensions.

General steps for comparative analysis:

1. Find product elements

2. List and display (screenshots, labels, charts, etc.)

< p> 3. List their respective advantages and disadvantages (try to think of deeper logical relationships and figure out competitors’ intentions)

Radar chart analysis method, also known as spider web analysis method, was first used in Japanese business circles. Comprehensive strength assessment. When doing competitive product analysis, this method is often used to describe the user's ratings of the product in terms of ease of use, aesthetics, enlightenment, fluency, satisfaction, effectiveness, fault tolerance, etc., as shown in the figure below. From the inside to the outside, the scores increase sequentially. The larger the area, the higher the overall score of the product. Through this method, the strengths and weaknesses of each product can be comprehensively analyzed. It should be noted that the ratings are not imagined out of thin air, but obtained through usability test user ratings and other means.

The KANO model helps products find entry points to improve user satisfaction by distinguishing different needs of users. It is often used to classify impact indicators, help products understand user needs at different levels, and identify crucial factors that satisfy users.

KANO has the following factors:

Charming factor: Unexpected by users, if this requirement is not provided, user satisfaction will not be reduced, but when this requirement is provided, users are satisfied The degree of satisfaction will be greatly improved;

Expectation factor (one-dimensional factor): When this requirement is provided, user satisfaction will increase; when this requirement is not provided, user satisfaction will decrease;

< p> Necessary factors: When this requirement is optimized, user satisfaction will not increase. When this requirement is not provided, user satisfaction will be significantly reduced;

Indifferent factors: Regardless of whether this requirement is provided or not provided, User satisfaction will not change, and users don’t care at all;

Reverse factors: users do not have this need at all, and user satisfaction will decrease after it is provided;

How to apply KANO model?

Surveys can be conducted through standardized questionnaires, and the attributes of each factor can be classified according to the survey results, and then the Better-Worse coefficient can be calculated to show the impact of achieving the attributes of this factor on increasing satisfaction or eliminating dissatisfaction.

The value of Better is usually positive, indicating that if the product provides a certain function or service, user satisfaction will increase. The greater the positive value, the stronger the effect of improving user satisfaction and the faster the increase in satisfaction;

The value of worse is usually negative, which means that if the product does not provide a certain function or service, the user's Satisfaction will decrease. The greater the negative value, the stronger the effect of reducing user satisfaction and the faster the decline in satisfaction;

Therefore, according to the better-worse coefficient, projects with higher absolute scores of the coefficient should be given priority implementation.

Let’s illustrate with a case: A certain product hopes to optimize 5 functions, but it doesn’t know which ones users need. Through kano research and analysis, the better-worse coefficients of the five functions can be calculated respectively, and the following quartile chart can be constructed.

The scatter plot is divided into four quadrants based on the better-worse coefficient values ??of the five functions.

The first quadrant represents: the situation where the better coefficient value is high and the absolute value of the worse coefficient is also high. Factors that fall into this quadrant are called expectation factors (one-dimensional factors). Function 5 falls into this quadrant, which means that if the product provides this function, user satisfaction will increase. If this function is not provided, user satisfaction will decrease. will decrease;

The second quadrant represents: the situation where the better coefficient value is high and the absolute value of the worse coefficient is low. Factors that fall into this quadrant are called attractive factors. Function 1 falls into this quadrant, which means that if this function is not provided, user satisfaction will not decrease, but when this function is provided, user satisfaction will be greatly improved. ;

The third quadrant represents: the situation where the better coefficient value is low and the absolute value of the worse coefficient is also low. Factors that fall into this quadrant are called indifference factors. Functions 2, 3, and 4 fall into this quadrant, that is, user satisfaction will not change whether these functions are provided or not. These function points are the Don't care about the function.

The fourth quadrant represents: the situation where the better coefficient value is low and the absolute value of the worse coefficient is high.

Factors falling into this quadrant are called necessary factors, which means that when the product provides this function, user satisfaction will not increase; when this function is not provided, user satisfaction will be greatly reduced; it means that the factors falling into this quadrant Function is the most basic function.

In practice, we must first go all out to meet the most basic needs of users, that is, the necessary factors represented by the fourth quadrant. These needs are things that users think we are obligated to do. After realizing the most basic needs, we should try our best to meet the users' expected needs, that is, the expected factors represented by the first quadrant, which are the competitive factors of quality. Provide additional services or product features that users like, making their products and services better and different than competitors, and guiding users to strengthen their good impression of this product. Finally, strive to realize users' charming needs, that is, the charm factors represented by the second quadrant, and enhance user loyalty.

Therefore, the better-worse coefficient value calculated according to the kano model shows that the product needs to optimize function 5 first, and then satisfy function 1. Functions 2, 3, and 4 make no difference to users whether they are present or not, and there is no need to make great efforts to implement them.