How to Perform an Effective Competitive Product Analysis

In a fast-paced business world, knowing where your product stands in the market is crucial to success. Competitive product analysis is a strategic process that helps businesses measure their performance against industry benchmarks while uncovering areas for improvement. Product managers can benefit greatly from this process, as it highlights strengths, weaknesses, and actionable strategies for better sales and positioning. This guide will walk you through the critical steps to perform a competitive product analysis effectively.