“At present’s shoppers are now not simply evaluating experiences throughout rivals, however towards the most effective expertise they’ve ever had.” (Jeff Epstein, Vice President of Product at Comm100)
To grasp your competitors you’ll want to incorporate substitute and different merchandise however what’s the distinction?
Substitutes: Services or products which have completely different kinds, however provide comparable performance/utility. An instance can be McDonalds vs. Burger King or Pizza Hut.
Options: Services or products which have completely different features and kinds, however can probably cater to comparable objective. An instance can be McDonalds vs grocery store and put together a burger at house.
A really useful method is to research / perceive the roles clients rent your product for after which assess which substitute merchandise and options assist to unravel the identical jobs. Additional data on Jobs-to-Be-Completed might be discovered right here:
It is crucial that you just as a Product Supervisor don’t outline you competitors too slim.
