Competitive Landscape Evaluation Grid
- Updated on 20 Jun 2019
Understanding your customers goes beyond interviews and product tests. One important component of your customers are the products and solutions they are using today to achieve their goals. Those products and solutions would be your competitiors, even if they don't have feature parity to your own solution.
There are many ways to understand your competition, and often it's secondary research you can do online quickly and comprehensively. You're looking to answer some key questions:
- Who is our competitor?
- How are they solving their customer problems?
- What form should the product take?
- How can we differentiate our offering and positioning?
- What type of revenues are being generated?
As you do your research, you can plot the results on a competitive matrix to see your relative strengths and weaknesses more clearly. Below is a quick tutorial that shows you how to use our free template to create your own grid.
Step 1. Setup your file
Click here to make a copy of our competitive landscape grid or download it into excel.
Step 2. Setup your grid categories and rating scale
Create the categories you want to compare your startup against. In this case, we're comparing our product's UX, our marketing abilities, the geographies we're targetting, and production capabilities.
Next, choose a scale you want to rate yourself and your competitors against. We chose a scale of 1-5 in this case, with 1 being the worst and 5 being the best. You should base these scores on your customer interviews and the data you find online (e.g. from the Concordia Databases if you're a District 3 startup).
You'll end up with something that looks like this:
Step 3. Generate your chart and highlight the gaps
If you're using our template, a chart should automatically be generated from these scores and it should look like this:
Now highlight the gaps to see where you can strendthen your offering and where you're already out performing the competition.
You can see here that while our startup is performing better in the UX and production capabilities, we have some gaps to fill in the marketing machine and geographical reach.
Below is a detailed example by one of our startups that was selling in the transportation sector, you can also consider for your own work:
Step 4. Do some more discovery!
Now that you've done the desk research to identify the key gaps, you should get out the building one more—are you surprised?—and learn more about those gaps so that you can come up with strategies to fill them.