Part 2: Market Deep Dive

We have so much information available to us, it may be overwhelming. That’s why mapping is key. I like to start mapping all direct and indirect competitors. Meaning, same products, different brands or different products, similar benefits, because your potential customer has a certain amount of money in their hand to spend and we need to know what other products may fulfill the same need, even though it’s not the exact same product.

We need to keep in mind, this map is interactive, you may start mapping some factors, and as your analysis becomes deeper, you may add or reduce relevance to factors because they’re a “given” in the industry… the customer expects to have that at the minimum and all products have it, so it will not be a competitive advantage (just be sure your product has it!).

Include in your map all product specifications and “check” which products have what. Besides specifications, I like to include pricing, promotions, sales channels, marketing collateral and communications and in which languages are they available. As a natural marketer, I identify slogans, value propositions, what benefit they market as their differentiator, do they work with influencers? Do they have active social media? Do they have a website? Do they have customer support? Do they have special programs? If so, map those too! All of this information will be very helpful to define the Value Proposition.

Take your time to go over product reviews, identify strengths and weaknesses directly from the Voice of the Customer. And of course, if the budget allows, do market research to test product concepts and pricing.

It’s also helpful to understand industry trends in product innovation, patents, promotional behavior, customer loyalty, price elasticity, and most importantly – are our customers going through an economic hardship that would impact their willingness to buy or to focus more on price instead of other factors part of our product’s value proposition?

Please remember, this is not the absolute truth, it’s what I’ve learned and has worked for me while managing durable goods.

What else would you include on the map? How much does it take you to fulfill this step?

📢 Stay tuned for Part 3: Product Value Prop step!