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Analyse the market and competitors

Find out how others solve the same problem, including tools, workarounds and doing nothing. This shows you what users expect, where the gaps are and how you could do better.

About 2-4 daysEvergreenLast reviewed 5 November 2026

Who this applies to

Skills it builds
Discovery and researchCommercial and business sense
PM types
All
Product types
All
Starting points
All
Ways of working
All
Experience
All
Size of organisation
All

Steps, by experience

Beginner (under 1 year)

  1. List the alternatives a user has today: direct competitors, indirect ones, internal tools, spreadsheets, paper and simply not doing the task.
  2. Pick two to four of the most relevant to look at closely.
  3. For each, try the main journey yourself and note what works, what is confusing and what it costs the user in time or money.
  4. Read reviews, forums and analyst write-ups to see what their users praise and complain about.
  5. Put your findings in a simple comparison table: who it is for, key features, strengths, weaknesses and price if relevant.
  6. Write three takeaways: what users will expect as standard, where there is a gap, and what you should not copy.

Intermediate (1 to 4 years)

  1. Map direct, indirect and 'do nothing' alternatives, then pick two to four to study closely.
  2. Run a competitive review of the key journey and gather review and forum evidence.
  3. Summarise table stakes, gaps and differentiators.
  4. Note market trends that could change the picture in the next year.

Experienced (5+ years)

  1. Analyse the market structure: segments, buyers, switching costs, pricing models and where value is captured.
  2. Run competitive usability testing with real users where the stakes justify it.
  3. Identify the job users hire alternatives for and where incumbents are structurally weak.
  4. Turn findings into a point of view on where to compete and where not to.

Who can do this

Owner: Product manager

Can be delegated to

  • UX Designer: Review competitors' journeys and capture screenshots and notes
  • User Researcher: Run competitive usability sessions with users
  • Business Analyst: Compile the comparison table and pricing information

Reviewed by: Tech Lead, UX Designer

Tool examples

Miro
Make a board with one column per competitor, pasting screenshots of each step of the journey side by side.
Notion
Keep a competitor database with a page per competitor and a view that compares features.
Google Docs
Write the three takeaways at the top of the document, with the detailed table below.
Claude
Ask it to draft a comparison table structure and a list of alternatives you may have missed. Check every fact against the competitor's own site.

Definition of done

  • Alternatives mapped, including 'do nothing'
  • Two to four alternatives reviewed in depth
  • Comparison table and three takeaways shared with the team

Common pitfalls

  • Only looking at direct competitors and missing workarounds
  • Copying features without knowing whether they work for users
  • Relying on AI or memory for competitor facts without checking them

If you lead the team

What good looks like: Teams know how users solve the problem today, including workarounds and doing nothing, and where we can be clearly better.

Ask your PM

  • What do users do today instead of using us?
  • Where are we genuinely different, and where are we just catching up?

Warning signs

  • Competitor analysis is a feature checklist.
  • No one can name the main alternative users choose.

Do these first

Sources