How to Research your Competitors

Importance of Competitor Research: The speaker emphasizes the significance of researching competitors both in their role as a director of product management and in advising startups. The speaker believes that understanding competitors is crucial for identifying opportunities and staying competitive. Research Methods: The speaker suggests various methods for researching competitors. This includes traditional Google searches to identify industry players, utilizing online tools like Serpstat and Similar Web to analyze competitors' online presence and performance, and exploring pricing tools like Price Shape and Price2Spy for obtaining pricing intelligence, especially in e-commerce. Customer Feedback: The speaker recommends engaging with customers or potential customers to gather insights. Seven specific questions are provided to better understand what customers like or dislike about competitors' products or services, and how competitors compare in terms of quality, price, and features. Challenges in Pricing Research: The speaker acknowledges the difficulty of obtaining pricing information, particularly in industries where competitors may not publicly disclose their pricing. The speaker suggests tools like Price Shape and Price2Spy, specifically tailored for e-commerce and physical product sellers, to address this challenge. Attend Conferences and Webinars: The speaker advises attending conferences or online webinars as a valuable source of competitor intelligence. Observing competitors' presence, booth setups, and interactions with customers at such events can provide valuable insights into their strategic thinking, helping businesses make informed decisions about product design, pricing, and marketing strategies.