How can this canvas help?
No product exists in a vacuum. Not even yours.
No matter what you’re selling, you’re always competing with another product, company, person or service.
Sometimes, you might even be competing with an entirely different way of doing things, and your job is to convince potential customers why they should stop doing things the old way and start doing them your way.
If you want to be your customers’ number-one choice, you need to be able to prove what’s truly unique and valuable about your product. And why they should choose you over all the other options out there.
Our new Market and Competitor Analysis Canvas will help you understand your market, your competition and what’s unique about your product.
So you can position yourself as the number one choice.
How to use our Market & Competitor Analysis canvas
Our Market & Competitor Analysis Canvas is designed to help you get a clear view of your market drivers, main competitors and why customers should choose you.
Start by filling out these four categories:
- Problem statement: Outline the key user pains and problems your product aims to solve. You can use our User Persona Canvas here to help.
- Product strategy: Strategise around how your product will help solve the pains and problems you’ve outlined above. You can also use our User Persona Canvas to help with this.
- Market drivers: Outline the key factors driving the need for your product in the market right now.
- Key competitors: Finally, list out all your key competitors, no matter how big or small.
You can then use the information you’ve gathered to start building out your unique selling points. Think about what your product does and how that compares to your competitors. What can you do that they can’t? What can you offer the market right now that absolutely nobody else does?
Finally, you’ll want to consider any risks and threats that might be standing in the way of success. For example, negative market sentiment or rises in interest rates globally.