Step 11: Chart your Competitive Position
Status Quo- Toughest Competitor of All Outline Overview Status Quo- Toughest Competitor of All How to Chart Competitive Position Workshop December 4, 2018
Show how well your product meets the Persona’s top two priorities Overview This step: Show how well your product meets the Persona’s top two priorities Show how well Persona’s priorities are met by existing competition Analyze whether market opportunity fits within your Core and Persona’s priorities December 4, 2018
Create new market, build from customer back with clean slate Overview Create new market, build from customer back with clean slate Rather than pick existing product and make better version If you focus on underserved customers and make a product for those customers that truly meets their needs, competition is irrelevant Somewhat true.. Customers usually compare options; find one that fits priorities December 4, 2018
Competitive Position Chart- Overview Competitive Position Chart- Shows (visually) how well you fulfill Persona’s top two priorities Helps analyze how much better you are vs. competition Helps identify areas of weakness When combined with quantified value proposition, shows that product is needed and your organization is best to deliver it December 4, 2018
Competitive Position Chart- GOALS: Overview Competitive Position Chart- GOALS: Show your competitive position leverages your Core Product satisfies Persona’s priorities better than existing competition December 4, 2018
Status Quo- Toughest Competitor of All Outline Overview Status Quo- Toughest Competitor of All How to Chart Competitive Position Workshop December 4, 2018
Status Quo- Toughest Competitor of All Status quo- often largest hurdle to overcome i.e., to change from status quo E.g., Sony Walkman- status quo was NOT listening to music while “on the go” December 4, 2018
Status Quo- Toughest Competitor of All Quantified Value Proposition – should have picked up any issues with product versus Persona’s top priority Include status quo- now have more valid, real market Not just conceptual December 4, 2018
Status Quo- Toughest Competitor of All If you have competition- Focus on delivering product that meets customer’s need Often harder to compete against status quo Best to start with market of “customer doing nothing…” December 4, 2018
Status Quo- Toughest Competitor of All Outline Overview Status Quo- Toughest Competitor of All How to Chart Competitive Position Workshop December 4, 2018
How to Chart Competitive Position Identify Persona’s top two priorities Assume top two are ALL that matter NOTE: your Core may be thoughtful and product may have cool features, but they do NOT dictate customer’s priorities.. December 4, 2018
How to Chart Competitive Position Create a graph X axis - #1 priority Y axis - #2 priority December 4, 2018
How to Chart Competitive Position Bottom half of each axis is “Bad” state Top half is “Good” state December 4, 2018
How to Chart Competitive Position Plot status quo Plot competitors Plot your business December 4, 2018
How to Chart Competitive Position Top right quadrant => Good Bottom left quadrant => Bad Good! Bad! December 4, 2018
How to Chart Competitive Position Review w/ target customer! Refine until accurate Your company status quo December 4, 2018
Status Quo- Toughest Competitor of All Outline Overview Status Quo- Toughest Competitor of All How to Chart Competitive Position Workshop December 4, 2018
Spend some time thinking about competition But not too much time! Workshop Spend some time thinking about competition But not too much time! Include “do nothing” option Entrepreneurs often spend too much time comparing features Customers don’t care about features; they care about benefits! December 4, 2018
Worksheet: Competitive Positioning List Persona’s top two priorities Workshop Worksheet: Competitive Positioning List Persona’s top two priorities Plot “do nothing” option Plot competition Plot your position Review with target customer December 4, 2018