How should PM research competitors?

Researching competitors is essential for product managers to understand the market landscape and make informed decisions about their own products.

1. Utilize Competitive Intelligence Tools: Product managers can invest in various tools and software to automate the process of gathering and analyzing competitor data. These tools offer valuable insights into market trends, pricing strategies, customer sentiment, and other key metrics. By using competitive intelligence tools, product managers can streamline their research process and access real-time data to stay ahead of competitors.
2. Attend Industry Events and Conferences: Participating in industry events and conferences provides product managers with opportunities to network with competitors and stay updated on the latest developments in the market. These events offer valuable insights into industry trends, emerging technologies, and competitors’ strategies. By engaging with industry peers and competitors, product managers can gain valuable knowledge and identify potential opportunities or threats in the market.
3. Build Relationships with Sales and Customer Support Teams: Sales and customer support teams interact directly with customers on a daily basis and often have valuable insights into competitors’ products and customer preferences. Product managers can build strong relationships with these teams to gather firsthand information about competitors’ strengths, weaknesses, and customer feedback. By collaborating closely with sales and customer support teams, product managers can gain valuable insights to inform their competitive analysis and product strategy.
4. Monitor Social Media and Online Communities: Social media platforms and online communities are valuable sources of information where customers discuss their experiences with competitors’ products. Product managers can monitor social media channels, forums, and review websites to gather real-time feedback and insights into competitors’ products, customer sentiment, and emerging trends. By actively monitoring social media and online communities, product managers can identify potential opportunities or threats and adapt their strategies accordingly.
5. Conduct Regular Competitive Reviews: Product managers should schedule regular meetings or workshops to review competitor data and discuss potential implications for their product strategy. These competitive reviews provide an opportunity for product managers to analyze competitors’ strengths, weaknesses, market positioning, and strategic initiatives. By regularly reviewing competitor data and insights, product managers can identify opportunities for differentiation, anticipate competitive threats, and make informed decisions to drive the success of their products in the market.

In business, knowing your competitors is essential. This means studying other companies in your industry to understand what they’re doing well, where they’re struggling, and how you can position your products or services effectively. It’s similar to studying your opponents’ moves in a game to improve your strategy. By analyzing competitors, businesses can spot opportunities, anticipate threats, and make smart decisions to stay competitive in the market. It’s a crucial part of staying ahead in the business world.