Review competitors' features and understand their strengths and weaknesses
Keep an eye on the competitors. 👀 Review their features, check which competitor is the strongest in the particular area, understand their strengths and weaknesses. Note what your target users think about your competitors and the market.
Define and track your competitors
Add a list of competitors (and your own company too, as you will probably want to evaluate and compare it too), include product description, niches, revenue, and any other info that you need to know.
Compare Features in different product areas
Understand where your competitors are one step ahead and on what areas do you need to focus more.
Define product areas (e.g. in Fibery we have Permissions, Sharing, Whiteboard area, etc.) you want to compare and specify a list of Features in each area. Then compare each of your Features against the Features of your competitors — make notes, define their level, and score them. Visualize your findings with a whiteboard, board view showing Features by quality and competitor, or in any other way.
🏋️♀️ Btw, Features is not the only thing you can compare. If you want to compare other things, just add them as a Database to this template or even create another Space — it's all possible with Custom Domain.
Define the strongest competitor in each product area
Accumulate and visualize the whole data that you gathered using Fibery charts and reports.
For example, you can use a pre-built report that shows the most powerful competitor in each product area (based on the total value of features in this product area). That's how you can get what to focus on and what areas to innovate in.
👂 what your customers are saying
When you get customer feedback and your customer is comparing you to the competitor there — never miss it! Highlight part of their feedback and link it to the competitor (or even competitor's feature) that they are talking about.
You can also add a custom formula that counts the total number of mentions to see find out who you are compared to most frequently.