How to Research your Competitors

Summary

In this video, a product management director shares effective strategies for researching competitors. Emphasizing the importance of competitor analysis, the speaker discusses various methods, including Google searches, online tools like Serpstat and SimilarWeb, and gathering customer feedback. Key questions are suggested to uncover insights about competitors' strengths and weaknesses. Additionally, the speaker highlights tools for pricing intelligence and the value of attending industry conferences to observe competitors in action. By utilizing these strategies, businesses can enhance their product offerings and marketing tactics to gain a competitive edge.

Takeaways

• 😀 Understanding competitors is crucial for identifying opportunities in your market.
• 🤔 Some believe ignoring competitors allows for better focus on your business model, but this may lead to missed opportunities.
• 🔍 Start competitor research with simple Google searches using relevant industry terms.
• 📊 Utilize online tools like SERPStat to analyze competitors' content and social media presence.
• 🌐 SimilarWeb can provide insights into a competitor's website performance, including visitor engagement metrics.
• 🗣️ Engage with customers to gain insights into competitors by asking targeted questions about their preferences and experiences.
• 💬 Key questions to ask include what customers like and dislike about competitors and how they perceive product comparisons.
• 💵 Researching pricing can be challenging, as many industries do not publicly disclose their pricing structures.
• 🛍️ Tools like PriceShape and Price2Spy are valuable for gaining pricing intelligence in e-commerce and physical product markets.
• 🏢 Attending conferences and webinars can provide insights into competitors’ marketing strategies and customer engagement tactics.

Q & A

What is the main focus of the speaker's research activities?

The speaker primarily focuses on researching competitors in both their day job as a director of product management and in the startups they invest in and consult with.

Why does the speaker believe it's important to pay attention to competitors?

The speaker argues that ignoring competitors can lead to missed opportunities, suggesting it's beneficial to understand their offerings, pricing, and strategies.

What is the first method the speaker suggests for researching competitors?

The speaker recommends starting with traditional Google searches to identify competitors within a specific industry.

What tools does the speaker mention for conducting competitor research?

The speaker mentions tools like Serpstat for content and social media performance analysis, and SimilarWeb for website performance metrics.

What types of questions should businesses ask their customers to gather competitor insights?

Businesses can ask questions such as what customers like and dislike about competitors, how competitors' products compare in quality and price, and what factors influence their decisions to choose a competitor.

What challenges does the speaker mention regarding finding pricing information for competitors?

The speaker notes that obtaining pricing information is often difficult as many industries do not publicly disclose their pricing, requiring potential customers to fill out forms or consult salespeople.

Which tools does the speaker recommend for gathering pricing intelligence?

The speaker recommends PriceShape and Price2Spy as tools that provide pricing information, particularly for e-commerce and physical products.

How can attending conferences benefit competitor research?

Attending conferences allows businesses to observe competitors directly, including their marketing strategies, customer interactions, and overall presence in the industry.

What is the ultimate goal of conducting thorough competitor research according to the speaker?

The ultimate goal is to inform business decisions related to product design, pricing, and marketing strategies while identifying potential areas to outperform competitors.

Does the speaker recommend following competitors exactly, and why?

No, the speaker does not recommend following competitors exactly but suggests understanding their strategies to identify areas for potential competitive advantage.