What Is a Competitive Set in JTBD Theory?
A competitive set, from the customer’s point of view, refers to all the solutions customers consider when trying to get their job done. This includes direct competitors, indirect competitors, and even nontraditional alternatives. Unlike traditional market analysis, JTBD focuses on what customers are trying to achieve rather than the product category they’re shopping in.
For example:
- In the job of "staying hydrated," the competitive set might include water bottles, hydration apps, electrolyte drinks, and even public water fountains.
Why Is Understanding the Competitive Set Important?
How Does It Help Businesses Innovate?
Understanding the customer’s competitive set allows businesses to:
- Identify overlooked competitors.
- Discover nontraditional alternatives that may pose a threat.
- Uncover opportunities to differentiate their products.
What Are Examples of Competitive Sets?
- Transportation: A competitive set for "getting from point A to point B" might include cars, buses, bikes, scooters, and rideshare apps.
- Entertainment: For "relaxing after work," customers might consider streaming services, books, podcasts, or social media.
How Can You Analyze a Competitive Set?
What Steps Should You Take?
- Define the job-to-be-done.
- List all potential solutions customers use to complete the job.
- Evaluate how well each solution addresses customer needs.
Why Choose Thrv for Competitive Set Analysis?
At thrv, we help you analyze your competitive set from your customers’ perspective. By focusing on Jobs To Be Done rather than product categories, we uncover hidden threats and opportunities for differentiation.
Visit thrv.com today to learn how competitive set analysis can give you a strategic edge!
