Product Managers need to track their competitors to ensure the solutions offered for the customer pain points remain ahead of the curve.
Your customers have more options than your solution to solve their pain points. Track all of the solution providers that are offering products to your customers to see how you compare and what differences exist between your offerings. Your potential customer base is looking at all options so as a product manager you should be too to ensure you are offering the best possible solution.
Know what makes you better
For each competitor you have you can easily track and maintain your analysis which includes an overview of the competitor, differentiation, top feature offerings and key missing features that you see. Product managers need to know they are not the only option available and take a deep dive into really understanding what everyone around them are doing and create product features for their own roadmap to fill any gaps or create opportunities based on what they find out.
Review and Rank Competition
Track your competition and rank them to ensure you focus your energy on the top competitors in your space. Like you, your competition is working on their products so set review dates and get reminded to complete reviews on a normal basis to see if any important changes have been released that you should know about.
Let ProductHQ make it easy
Once you setup your competition within ProductHQ, you will see on your dashboard the product planning tasks you need to keep your competition research current. This could be a reminder to complete a review or fill in missing details about your competition. Don't get lost in a spreadsheet but instead use a cloud based platform to make sharing the information across your organization easy to manage.