Jamie Badgett
Outthinking the Competition: A Design-Led Approach
A comprehensive competitive analysis was conducted to inform product strategy. Key findings and insights were shared across teams to foster collaboration and drive innovation.
Problem
Siloed competitor knowledge and limited insights hindered the development of effective product strategies. Business stakeholders lacked a comprehensive view of the competitive landscape, making it challenging to identify market opportunities and differentiate our offerings.
Solution
Develop a centralized knowledge repository to consolidate competitor insights and empower informed decision-making. By democratizing access to competitive intelligence, this solution aimed to enhance strategic planning and product differentiation.
Key Learning
By establishing a comprehensive competitive intelligence framework, we empowered the team to make informed strategic decisions. This project highlighted the importance of collaboration and data-driven insights in driving product innovation and market leadership.
BUILDING A COMPETITIVE FOUNDATION
To establish a robust competitive intelligence framework, the design team embarked on a comprehensive research initiative. By collaborating with project managers and the sales team, we identified key competitors and prioritized areas for in-depth analysis. A standardized template was developed to capture essential data points for each competitor, enabling efficient comparison and analysis.
UNCOVERING COMPETITIVE INSIGHTS
Leveraging Excel as a foundational tool, we created a matrix to assess competitor strengths and weaknesses across various product features. This analysis, coupled with the development of informative visualizations, provided a clear picture of the competitive landscape. By identifying areas of market saturation (red wave) and untapped opportunities (blue ocean), we established a strategic roadmap for product development.
DEEP DIVE INTO THE COMPETITION
A meticulous examination of each competitor was conducted using a variety of sources, including software review platforms, social media, press releases, and company websites. By leveraging the expertise of the marketing team, we were able to gain valuable insights into competitor branding and messaging. The culmination of this research resulted in comprehensive competitor profiles, including SWOT analyses, which provided a clear overview of each company's strengths, weaknesses, opportunities, and threats.
SHARING INSIGHTS & DRIVING COLLABORATION
To maximize the impact of the research, the findings were presented to the product team. Key takeaways, including top competitors, market trends, and strategic recommendations, were shared to foster informed decision-making. By creating easily accessible resources and establishing cross-functional collaboration, we empowered teams to leverage the competitive intelligence for product development and strategic planning. This collaborative approach led to the formation of dedicated solution teams, fostering knowledge sharing and driving innovation.
Over 30 competitors researched across 3 product lines
Knowledge base across 6 departments combined
Disparate data across teams centralized in one spot
Continuous improvement of business strategy