Deep dive into a competitor

  • Published on
    12-Apr-2017

  • View
    52

  • Download
    0

Transcript

  • Diving Deep inside a Global Competitor

    Sanjay Vijayakumar

  • Indian startups don't do well globally because of wrong

    competitor benchmarking.

    We should look at what the best is globally and then instead of re-inventing the wheel; take it from there to 10x better

    Shekhar Kirani, Accel Partners and Board Member - Freshdesk in his communication to Sanjay Vijayakumar, SV.CO on March 6, 2017

  • Thesis: Learn from the best. Beat them by building 10x better &

    faster! (or be beaten in the process)

  • How to benchmark globally?

  • Step 1/7: Create a list of 5 global competitors to your product and narrow

    them down to who is the leader/ No 1.

  • Step 2/7: Signup and become a customer of that product.

  • Step 3/7: Dive deep into the competitor product on how they are solving the problem for the customer.

    Learn insights into what is the approach taken by competitor to solving the problem.

  • Step 4/7: Note down your experience as a user on how they delight the customer in

    terms of User Interface (UI) and User Experience (UX)

  • Step 5/7: Identify the number 1 aka core feature which is done

    well in the product.

  • Step 6/7:Identify where all the product can be improved in

    terms of UI/UX/Business Model

  • Step 7/7: Create your actionable game plan for beta on how you will beat this competitor now that you know whats the No 1 feature of best product in the world and its limitations right now for customers.

  • Pro Tip: To do this task well, Go through previous topic of Customer Persona by Vishnu Gopal to

    have a clearer understanding of how your competitor is thinking from the customers

    viewpoint and building the solution.

  • Todo Target: Deep Dive and Benchmark your product to a Global Customer to find where you stand today.Gain insights on what should you do next to create

    your beta product in terms of technology and UI/UX

  • Todo Target: Deep Dive and Benchmark how the competitor

    acquires customers.

  • ProTip: Team lead to Start planning work within the team so that different members

    can do both tasks simultaneously.

  • Dont forget to check the Rubric for pointers.