As a product manager, your task involves actively tracking every move of the competition and deciphering their strategies to understand their impact on your product's journey. This guide gives you the insights and tools to lead a comprehensive and effective competitor review meeting.
1. Prepare the Meeting in Advance: Know Your Audience
The key to a successful meeting lies in its preparation. As a product manager, you must understand the stakeholders attending the meeting. Are they executives, marketing team members, or fellow product managers? Each group has unique interests and concerns. Tailoring your presentation to address these diverse needs ensures your message is relevant and engaging.
2. Set Time to Review Your Competitors Routinely
Competitor analysis shouldn't be a one-off task; it is an integral part of your routine. Whether weekly, monthly, or quarterly, setting a regular schedule for these reviews helps you keep a finger on the pulse of market trends and competitor strategies. Consistency in this practice allows you to spot patterns and anticipate future moves from your rivals.
3. Start with a Grand Theme of Things
Every meeting should begin by setting the context. Use DigBI's updates tab to provide a snapshot of key industry happenings, recent events, and significant new hires. Understanding the more extensive market environment is crucial in discerning how your competitors' strategies fit into the broader picture and what it means for your product.
4. Zoom into One Key Announcement from Your Competitors
Focus on a significant recent announcement from one of your competitors. This could be a new product launch, a significant hiring, or a shift in strategy. This focus helps deep dive into the competitor's tactics and strategies.
5. Key Questions to Ask
When dissecting a competitor's announcement, ask the following critical questions:
- What are they trying to achieve? Analyze the underlying objectives of your competitor's move. Is it market expansion, a new technology adoption, or a response to a market trend?
- Who are they targeting? Identify the intended audience for your competitor's strategy. How does this affect your current and potential customer base?
- Does this have a long-term impact on us? Evaluate the potential long-term effects on your company's strategy and market position.
- Does this have a short-term impact on our roadmap? Consider if immediate actions or adjustments are necessary in your product roadmap in response to this announcement.
Conclusion
Competitor review meetings are about understanding what your competitors are doing and staying two steps ahead in the game. Regularly conducting these meetings with thorough preparation and focused analysis will ensure your product strategy remains dynamic and responsive to market changes.
Have you conducted a competitor review meeting recently? What strategies and insights have you found most helpful? Please share your experiences and tips in the comments below to help others navigate effective product management.