This is the first, in what will hopefully be a series of postings related to Competitive topics.
In my time here at Ryma, and other leading software vendors, I've come across a host of great information related to gathering and organizing competitive information and, would like to share some insights with the blog.
The first step of any competitive project, is to map out the competition.
Click on the picture below to see an example of what a potential map may look like:
On the left, we list out our portfolio of suites, solutions or product lines, and their various products. It is also useful to include the key PM or contact for that product.
Along the top, we list out the competitors, broken down into Major, Secondary and Watch List.
Majors are the big few that we run across, the companies that are most comparable to our own in terms of offerings.
Secondaries are generally competitors with strong solutions to pieces of our offerings but, not a complete competitor.
Watch Lists are the ones who do a great job agaisnt us but, only have 1 or 2 products to compare, although are worth "watching".
Using the cells in-between, we can easily start to color code in where our competition lies.
What makes a major competitor major? Easy, the ones with the most cells colored in:)
Seems like a simple step but, is often overlooked. This simple document can easily tell us who are real top 3 competitors are. This can help during portfolio discussions, as one can tell if there are glaring holes in our offerings, or potential opportunities.
It also is critical to starting development of competitive documents for sales. By mapping out the competition in this way, we can easily determine if sales needs competitive information based on solutions, products or even directly against competitors.
Want to have some real fun? Try including segments or solutions that your competition offers which you don't.
Email if you'd like the excel template, I'd be happy to send it along. So what comes next? Sorry, you'll have to wait for the next blog posting...
Hi Peter,
Thanks for a very informative and well-written blog.
I am a "former" sales manager who will start as a product manager from this autumn and I am trying to "scan the field". I would love to have your tools/templates.
PS! I have read your other postings and I wonder if you could send me all your tools/templates (regarding to your blog postings)
with regards,
Stefanos
Hi Stefanos,
Thank you for the comment, and your interest in the blog. I'll forward you the templates in an email.
I was very much impressed by your thought provoking. I want to know more about your tool/templates which I am sure will help me in my career.
I request you to forward me your tools / templates.
Regards
Santhosh Nair, Cochin,India
I too was impressed by your article and would welcome the opportunity to learn more about your tool/templates a useful resource for my new position as PM.
If possible would you forward me your tools / templates.
Kind Regards
S.Argeres