#3 Competitive landscape: Part 1
Hi, and welcome to my building-in-public blog. This week’s update is a short one. I wasted too much time reading articles and too little time documenting research. Also got a cold. ➡️ Last week, I said I’ll be working on: Find potential customers and talk to them, starting with people managers and HR professionals in my network —> Will start preparing questions in the coming weeks, but will only reach out once the year ends, as I doubt I’ll get many responses before that. Hopefully, understanding existing products should make for better questions. Build an MVP. TBD how functional it’s going to be (could be some mockups, a landing page, an actual add-on with basic functionality). The idea is to have something people can react to —> Will probably work on this in January/February. Understand existing solutions, and what could be a unique angle of attack —> quick update below, as this is work in progress 🤔Competitive analysis What am I trying to understand by looking at the competition? What are the unique things that make each competitor attractive? What are common pain points with competitor’s products? How could I find a unique angle of attack? In which parts of employee engagement (1-on-1s, recognition, feedback, performance reviews, pulse surveys) could there be an opportunity to do something differently, and better? After looking at 8 competitors in detail, here are my very rough hypotheses: Most existing solutions seem robotic, life-less. There’s an opportunity to make engagement tools more fun. Smaller companies (e.g. <200) want to do feedback, but current solutions are too-process focused Most solutions offer some analytics, but none (few?) seem to frame them for discussion (i.e. here’s a ready-made slide on the team pulse that you can use in the all-hands) Engagement surveys and recognition apps (e.g. kudos/high five/etc.) seem like the easiest to build but also most overdone/overcrowded spaces ➡️Next steps Analyze ~40 more players in the space Start framing questions for user interviews