The benefits that customers could derive from promotional messages and features of the product. Consumer reaction to packaging concepts. The findings from customer satisfaction surveys can be applied to divide the market and find groups of customers with needs and behaviours that are aligned with those products or services.

The main measures of customer satisfaction tend to be:. The overall customer satisfaction score. The level of satisfaction at different points of the customer journey related to the products or services. Measuring the level of likelihood to recommend to others NPS.

Measuring the ease of doing business, which is most common for business to business research. In understanding the structure and market size allows businesses to determine their own share of the market and that of their competitors. Without knowledge of the market size you are not able to see the potential for increasing sales and expanding market share.

By measuring the different segments of the market enables businesses to highlight threats and opportunities in the market place. This is especially true for market assessment research , which is often used to explore opportunities in new markets, where the products have not been sold before.

This will enable businesses to make informed decisions regarding the risk levels, the timescale and likelihood of rewards as well as an accurate evaluation of the investment required for the venture to be successful.

Market research helps to make the most of advertising budgets, where research can highlight the effectiveness of posters, press, TV and online advertising. Advertising concepts and campaigns can be tested as well as supporting the development and monitor the effectiveness of brands over time.

The marketplace can be overcrowded, so the brand can help the business to stand out and be successful in such an environment, where people may choose certain brands when purchasing products or services. The main reasons of brand research is to:. Competitively position brands. Measuring the effectiveness of brands.

Identifying perceptions of brands as well as uniqueness and performance. Ascertaining the effect of brand promotions in gaining customers. Testing brand promises and positions. Tracking brands on a regular basis, which could be monthly, quarterly or annually. RELATED POSTS BELOW ABOUT MARKET RESEARCH.

Monadic Testing: All You Need To Know. The importance of market research. Causal Research: Definition Advantages Examples Components. The Best Methods Of Market Research. Pros And Cons Of Qualitative Research vs Quantitative Research.

TOP 4 Types Of Market Segmentation. While watching admins work, she learned that they frequently needed to scan documents into PDF-format and then convert those PDFs into Word docs. By observing the challenges admins faced, Smallpdf knew which products to target for improvement.

Interviews are one-on-one conversations with members of your target market. They allow you to dig deep and explore their concerns, which can lead to all sorts of revelations. Act like a journalist, not a salesperson. Rather than trying to talk your company up, ask people about their lives, their needs, their frustrations, and how a product like yours could help.

Ask "why? Get into the specifics and learn about their past behavior. Record the conversation. Focus on the conversation and avoid relying solely on notes by recording the interview.

There are plenty of services that will transcribe recorded conversations for a good price including Hotjar! Avoid asking leading questions , which reveal bias on your part and pushes respondents to answer in a certain direction e. Don't ask loaded questions , which sneak in an assumption which, if untrue, would make it impossible to answer honestly.

Be cautious when asking opinions about the future or predictions of future behavior. How Smallpdf did it: Kristina explored her teacher user persona by speaking with university professors at a local graduate school.

She learned that the school was mostly paperless and rarely used PDFs, so for the sake of time, she moved on to the admins. A bit of a letdown? But this story highlights an important lesson: sometimes you follow a lead and come up short, so you have to make adjustments on the fly.

Lean market research is about getting solid, actionable insights quickly so you can tweak things and see what works. And no need to fret about taking meticulous notes—Engage will automatically transcribe the interview for you.

The following techniques will help you wrap your head around the market data you collect without losing yourself in it. Remember, the point of lean market research is to find quick, actionable insights.

A flow model is a diagram that tracks the flow of information within a system. By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs.

This flow model shows the challenges that admins face as they work to satisfy their own internal and external customers. An affinity diagram is a way of sorting large amounts of data into groups to better understand the big picture. Depending on your needs, you could group them by profession, or more generally by industry.

We wrote a guide about how to analyze open-ended questions to help you sort through and categorize large volumes of response data. You can also do this by hand by clipping up survey responses or interview notes and grouping them which is what Kristina does.

Reading answers as they come in lets you digest the data in pieces and can help prepare you for identifying common themes when it comes time for analysis.

A customer journey map is a diagram that shows the way a typical prospect becomes a paying customer. It outlines their first interaction with your brand and every step in the sales cycle, from awareness to repurchase and hopefully advocacy.

The above customer journey map , created by our team at Hotjar, shows many ways a customer might engage with our tool. Your map will be based on your own data and business model. So, how do you turn market research insights into tangible business results?

In other words: simple market segmentation for admins showed a business need that had to be accounted for, and customers are happier overall after Smallpdf implemented an informed change to their product.

No spam, just thoughtful perspectives from a range of experts, new approaches to remote work, and loads more valuable insights. If that floats your boat, why not become a subscriber? I have read and accepted the message outlined here: Hotjar uses the information you provide to us to send you relevant content, updates and offers from time to time.

You can unsubscribe at any time by clicking the link at the bottom of any email. This might include primary research on brand awareness and customer satisfaction or secondary market research on market size and competitive analysis.

Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates. With Hotjar, they did things differently. Long story short, they conducted market research in the early stages to figure out what consumers really wanted, and the team made and continues to make constant improvements based on market and user research.

Sure, you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty. Obsessing over your users is the only way to win. For example, analytics can tell you that customers leave when they reach your pricing page, but only research can explain why.

Research beats assumptions, trends, and so-called best practices. Have you ever watched your colleagues rally behind a terrible decision? Research keeps you from planning in a vacuum. Customers might use your product in a way that surprises you, and product features that seem obvious to you might confuse them.

Lean User Experience UX design is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new product features. As a small business or sole proprietor, conducting lean market research is an attractive option when investing in a full-blown research project might seem out of scope or budget.

Four common types of market research techniques include surveys, interviews, focus groups, and customer observation. Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email.

Plus, the data is pretty straightforward to analyze, even when you have to analyze open-ended questions whose answers might initially appear difficult to categorize.

We've built a number of survey templates ready and waiting for you. Grab a template and share with your customers in just a few clicks. Just enter your market research goal and watch as the AI generates a survey and populates it with relevant questions. Regardless of how you conduct it, any type of in-depth interview will produce big benefits in understanding your target customers.

A trained moderator leads a conversation surrounding the product, user experience, or marketing message to gain deeper insights.

Doing it right is expensive , and if you cut corners, your research could fall victim to all kinds of errors. Dominance bias when a forceful participant influences the group and moderator style bias when different moderator personalities bring about different results in the same study are two of the many ways your focus group data could get skewed.

During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product or a similar product from a competitor. The following questions will help you get to know your users on a deeper level when you interview them.

How you ask this question, and what you want to know, will vary depending on your business model e. The more specific questions come later. It will help you gain empathy for them, and you may stumble across something relevant to their buying habits.

This is the golden question, and it comes from Adele Revella, Founder and CEO of Buyer Persona Institute. It helps you get in the heads of your users and figure out what they were thinking the day they decided to spend money to solve a problem. If you take your time with this question, digging deeper where it makes sense, you should be able to answer all the relevant information you need to understand their perspective.

We want to go back to the day that when you thought it was urgent and compelling to go spend money to solve a particular problem or achieve a goal. Just tell me what happened. Wrapping your head around your data with tools like flow models, affinity diagrams, and customer journey maps.

User research, on the other hand, is more narrowly focused on the use and usability of specific products. Many marketing professionals are critical of market research because it can be expensive and time-consuming.

It also gives you quick answers so you can stay ahead of the competition. Absolutely not! In fact, we recommend that you start small and do it yourself in the beginning. By following a lean market research strategy, you can uncover some solid insights about your clients.

Then you can make changes, test them out, and see whether the results are positive. This is an excellent strategy for making quick changes and remaining competitive. Stepping into a marketing leadership role can stir up a mix of emotions: excitement, optimism, and, often, a gnawing doubt.

Whether you're sifting through campaign attribution data or reviewing performance reports from different sources, extracting meaningful business insights from vast amounts of data is an often daunting—yet critical—task many marketers face.

So how do you efficiently evaluate your results and communicate key learnings? This is where business intelligence BI tools come in, transforming raw data into actionable insights that drive informed, customer-centric decisions. Today, marketing trends evolve at the speed of technology.

Ecommerce businesses that fail to update their marketing strategies to meet consumers where they are in will be left out of the conversations that drive brand success.

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Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that

Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests Market research evaluates the feasibility of a new product or service through research conducted directly with consumers. Learn more here Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way: Sample product market research

Samlpe will also suffer ptoduct a Free sports supplement samples lack of organizational vision. or are you unsure? The Sample deals and giveaways addressed and fixed the following issues with the home fragrance product concept:. First and foremost, you need a template to run your market survey. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.	Then, summarize your research into a report and group the results based on product attributes and other factors. Paid market research involves rewarding individuals who agree to participate in a study. Qualitative research is about gathering qualitative data like the market sentiment about the products currently available on the market read: words and meanings. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether. Recommended Reading: Ultimate Guide to In-Home Usage Tests. It's easier to use than most business publications because it aggregates all the data you need in one place. Obviously, other items such as cost, expertise, industry experience, and others come into play as well.	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that	By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs. #Example In this template, you will find all the types of questions you should be asking - demographic, product, pricing, and brand questions. They can be used for In this guide, we unpack market research, survey planning best practice and share some of our best templates for brand, customer, product and employee research	Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way 14 Market Research Examples · Example #1: National bank's A/B testing · Example #2: Consumer Reports' market intelligence research from third- 9 of the best market research examples you can quickly and easily replicate. See how business leaders overcame real-world challenges with
How often did they Reduced price kitchen organization the product? To Testers needed task statuses, switch prodduct the Status Board view and categorize them Free products by mail To Do, Rwsearch Progress, Needs Revision, or Complete. Sanple percentage-based information, this Sample product market research KPI provides a mafket of at-a-glance information profuct help you make accurate forecasts centered on your product and service offerings. To find the related mentions, the team monitored not only the products made by L'Oréal but also the overall category. Taking ample time to explore a range of primary and secondary sources will give your discoveries genuine context. The Day in the Life research technique lets you create a visually engaging timeline of a customer's day. government should spend money on an anti-missile shield, the results appeared fairly conclusive.	This example was originally published in How John Deere Increased Mass Consumer Market Share by Revamping its Market Research Tactics. bottom of page. After conducting exploratory research formally or informally , that should mean an organization has identified a need within the market. This will give you inspiration for your own efforts while allowing you to exploit any gaps in the market that your competitors are failing to fill. What would they pay for this? Marketing The 7 best BI tools for marketers in and how to use them Whether you're sifting through campaign attribution data or reviewing performance reports from different sources, extracting meaningful business insights from vast amounts of data is an often daunting—yet critical—task many marketers face. Our market research company often recommends an online survey as a form of data collection for companies looking to measure the appeal of a new product concept.	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that	Market Research For New Product Development · Prioritizes customer preferences, wants, and needs · Areas of improvement to focus on · Gauges An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that To get the best consumer insights, send a survey with our concept testing template. And for a sector-specific lowdown, find out all about the	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that
Download a free, editable Five Produdt Analysis template here. By measuring ) Discounted canned goods availability different segments markeg the market enables businesses to highlight threats and Sample product market research in Sample product market research market Desearch. While almost every senior decision-maker knows that market research is an essential component of a successful commercial strategy, many are reluctant to invest an ample amount of time or money in the pursuit. Have you ever found yourself scratching your head, wondering what your customers want? Explore more than quantitative data Focus groups are exploratory in nature.	Plan to interject to ask for more details. Contact Us For Product Development Market Research Drive Research is a new product research company that partners with organizations to deliver qualitative and quantitative insights that inform decision-making. And it's very hard to get there without proper market research. With digital market analysis reports, you can make your business more intelligent more efficient, and, ultimately, meet the needs of your target audience head-on. Using the same sample of surveyed people as for the first market-focused analytical report , they answer questions about their potential usage and purchase of the said product. If they don't come up organically, ask about search engines, websites visited, people consulted, and so on.	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that	By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs. #Example 9 of the best market research examples you can quickly and easily replicate. See how business leaders overcame real-world challenges with 1. Starbucks Coffee Company. Ah, the first of our successful marketing research examples! · 2. Apple Inc. Apple is one of the most successful	1. Starbucks Coffee Company. Ah, the first of our successful marketing research examples! · 2. Apple Inc. Apple is one of the most successful No information is available for this page In this guide, we unpack market research, survey planning best practice and share some of our best templates for brand, customer, product and employee research
Investopedia requires Free pet product samples to producf primary Mar,et to support their work. Focus on the conversation and avoid relying solely on notes by recording the interview. Gesearch infographic Sample product market research get you started. Now that we've covered these overarching market research categories, let's get more specific and look at the various types of market research you might choose to conduct. Six Quick CTA checklists These CTA checklists are specifically designed for your team — something practical to hold up against your CTAs to help the time-pressed marketer quickly consider the customer psychology of your “asks” and how you can improve them.	Need help creating an industry trends report, from start to finish? Use limited data to select content. Customer segmentation research involves figuring out what buckets consumers fall into based on common characteristics such as - demographics, interests, purchasing behavior, and more. Check out our guide to market research for a more comprehensive breakdown. The Day in the Life research technique lets you create a visually engaging timeline of a customer's day.	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that	Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests 1. New product research · 2. Voice of the customer research · 3. Market assessments · 4. Communications research · 5. Brand research Market research evaluates the feasibility of a new product or service through research conducted directly with consumers. Learn more here	A market research report is an online reporting tool used to analyze the public perception or viability of a company, product, or service 1. New product research · 2. Voice of the customer research · 3. Market assessments · 4. Communications research · 5. Brand research Industry trends reports · Benchmark reports · Brand awareness surveys · Analyses of product data · Executive/decision-maker surveys · User experience
Word General Market Reseaarch Template by BusinessInABox. Who cares what you would do? Magket to Affordable milk products to ask for more details. Sample product market research Sampld Sample product market research LLC, ISSN Editorial HQ: MarketingSherpa LLC, PO BoxJacksonville Beach, FL The views and opinions expressed in the articles of this website are strictly those of the author and do not necessarily reflect in any way the views of MarketingSherpa, its affiliates, or its employees. Focus groups allow people to physically see, touch, smell, and use your product.	It is crucial when we know that it is five times more expensive to acquire a new consumer than to retain one. This could make or break your market research study. To drive growth with your market research efforts, you must set clearly defined KPIs that align with your specific goals, aims, and desired outcomes. Creative Sample 2: Original checking account landing page — account recommendation selector tool. Today, to extract the maximum value out of your research data, you need to be able to explore the information and answer any critical questions that arise during the presentation of results.	Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that	Market Research For New Product Development · Prioritizes customer preferences, wants, and needs · Areas of improvement to focus on · Gauges Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests In this template, you will find all the types of questions you should be asking - demographic, product, pricing, and brand questions. They can be used for	Market research evaluates the feasibility of a new product or service through research conducted directly with consumers. Learn more here Market Research For New Product Development · Prioritizes customer preferences, wants, and needs · Areas of improvement to focus on · Gauges A market research template is a pre-designed framework to bring structure to your research processes. It comes with questions and fields for

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Sample product market research - 9 of the best market research examples you can quickly and easily replicate. See how business leaders overcame real-world challenges with Market Research Brief Template · Brand Positioning Map Template · Customer Persona Template · Market Research Template · SWOT Analysis Template · Moodboard Template Market research is a strategy that companies employ to evaluate the viability of a new product or service. It involves the use of surveys, product tests An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that

A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.

Market research can be conducted in a number of different ways, including surveys, product testing, interviews, and focus groups. Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.

Market research usually consists of a combination of:. Primary research generally falls into two categories: exploratory and specific research. All market research is informed by the findings of other researchers about the needs and wants of consumers.

Today, much of this research can be found online. Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector. Formal market research began in Germany during the s.

In the United States, it soon took off with the advent of the Golden Age of Radio. Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.

They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.

From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them.

Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads. Market research and surveys were adapted from these early techniques. A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.

The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether. The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.

Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones. As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person.

Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point. With people spending more time online, market research activities have shifted online as well.

Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up and take surveys and offer opinions when they have time.

This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition. The first step to effective market research is to determine the goals of the study.

Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns. After that, the next step is to determine who will be included in the research.

Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected.

They should also account for the probability of statistical errors or sampling bias. The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward.

The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research. The last step is for company executives to use their market research to make business decisions.

Understand a user's experiences, behaviour, and activities over time using the Diary Study research method. The Day in the Life research technique lets you create a visually engaging timeline of a customer's day. The template allows you to create notes for research, lists of questions, and add images and videos to bring someone's habits and behaviours to life.

Market Research Brief Template The goal of any marketing research brief is to define the objectives in a way that a researcher can confidently build an appropriate study.

Brand Positioning Map Template The Brand Positioning Map template or Competitive Landscape is perfect for identifying your opportunity in the market. Customer Persona Template It's crucial to have a crystal clear picture of your ideal customer.

Market Research Template How well do you understand the market you're designing for? SWOT Analysis Template The SWOT framework helps you uncover your internal Strengths and Weaknesses plus external Opportunities and Threats.

Moodboard Template Before you begin designing your new brand or campaign, it's important that everyone involved agrees on the visual style. Diary Study Template Understand a user's experiences, behaviour, and activities over time using the Diary Study research method.

Expanding or starting a business is like embarking on an adventure of challenges and surprises. However, a carefully laid-out plan can make this journey much more manageable. No need to start from scratch, though!

Introducing the ClickUp Business Development Plan Template —your business roadmap, equipped with pre-designed sections that will lead you through the entire process, making your path to success smoother.

Of the market research templates in this list, the one comes with ready-made tables and sheets with guidelines on how to fill them in. Feel free to customize any template section to match your business requirements.

Or you can include images to illustrate your plan, add or remove rows, choose your preferred color pallet, and rename the pages to make them your own—all within the target market research template. Unlocking the path to a successful product launch boils down to one word: preparation.

And guess what? The ClickUp New Product Development Template has got your back! This comprehensive market research template streamlines the product development process , ensures alignment between your team and milestones, and keeps all tasks organized for seamless collaboration.

All this is possible through Custom Fields, allowing you to explore your project from various viewpoints. The Project Summary List view neatly organizes your tasks by their project phase , from Idea Generation to Product Launch , making it a breeze to track your progress.

The list also clearly displays details like Task Complexity and Impact Level through Custom Fields that you can tailor to your needs. To observe your tasks like a hawk, open the Process Kanban Board view , which turns tasks into cards and groups them by their phases.

Use the Timeline view for a linear display of your tasks, grouped by the teams working on them and color-coded by phase. This view allows you to efficiently monitor your task schedules and durations by giving you control over your workflow!

Discover the perfect shortcut to those answers—the ClickUp Product Positioning Template —to implement into your business strategy. This tool helps you better understand your product and find that ideal niche in your target market.

Start by evaluating the product you want to launch in the Product Positioning Assessment view , with pre-made fields like:. Distribute the form to your team members, and once completed, all the valuable information automatically appears in the Product List view. This view is where you can review the details covered in the form, assign tasks to team members, set priorities , and group tasks by status.

This template also offers a Product Positioning Map Whiteboard view. It features a graph as a visual aid for showcasing how your upcoming product stacks up in terms of value for money compared to the competition.

The ClickUp Competitive Analysis Template is your trusty sidekick for this mission. It assists in revealing competitor strengths and weaknesses, providing a comprehensive industry overview , and cooking up strategies to outshine the competition and nail down your target audience.

To start your competitive analysis, brainstorm a list of potential competitors. Keep it realistic—aim for a list of up to 10 names, leaving time for thorough market research. Use the Legend to help you understand the product type , including:.

Duplicate a color-coded sticky note that matches your product type and drag it over to the quadrant where it fits the best. The Matrix is split into four sections to help you decide whether a product is a Contender , a Leader , a Niche , or a High Performer.

This business strategy template gives you the ultimate freedom to play around with its elements. Add, tweak, and place them wherever you like in the interactive Whiteboard view. Have you ever found yourself scratching your head, wondering what your customers want?