1. Step 11: Chart your Competitive Position

2. Status Quo- Toughest Competitor of All
Outline
Overview
Status Quo- Toughest Competitor of All
How to Chart Competitive Position
Workshop
December 4, 2018

3. 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

4. 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

5. 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

6. 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

7. Status Quo- Toughest Competitor of All
Outline
Overview
Status Quo- Toughest Competitor of All
How to Chart Competitive Position
Workshop
December 4, 2018

8. 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

9. 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

10. 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

11. Status Quo- Toughest Competitor of All
Outline
Overview
Status Quo- Toughest Competitor of All
How to Chart Competitive Position
Workshop
December 4, 2018

12. 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

13. How to Chart Competitive Position
Create a graph
X axis - #1 priority
Y axis - #2 priority
December 4, 2018

14. How to Chart Competitive Position
Bottom half of each axis is “Bad” state
Top half is “Good” state
December 4, 2018

15. How to Chart Competitive Position
Plot status quo
Plot competitors
Plot your business
December 4, 2018

16. How to Chart Competitive Position
Top right quadrant => Good
Bottom left quadrant => Bad
Good!
Bad!
December 4, 2018

17. How to Chart Competitive Position
Review w/ target customer!
Refine until accurate
Your company
status quo
December 4, 2018

18. Status Quo- Toughest Competitor of All
Outline
Overview
Status Quo- Toughest Competitor of All
How to Chart Competitive Position
Workshop
December 4, 2018

19. 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

20. 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