What can help me perform competitive research and find the gaps in my competitors’ strategies?

This is an answer to a question submitted to the "Ask me anything (AMA)" program. This AMA channel is designed to support you get clarity to business/tech questions you may have. Periodically, I select a particular response that we feel can benefit the broader community.

Purposeful observation is your biggest companion!

  1. Make sure you are clear on your business purpose - What is the value your business/product is there to provide.
  2. Determine your target customer. Can you identify them by role?
  3. Can you complete the following sentence:
The purpose of ______<Product>________ is to enable _____________<WHO> to be ___________Faster_________ at doing ____________________. This is achieved by ____________________

or

The purpose of ______<Product>________ is to enable _____________<WHO> find it easier and more convenient to ____________________. This is achieved by ____________________

Basically are you clear around:

  • What are you trying to achieve?
  • How you are trying to achieve?
  • Who are you impacting?
  • What aspect of their life are you impacting (Ability to do more, more easily? Ability to do more, faster?, ability to simplify their life (i.e. convenience)?

Once you are clear on the above then add

  • How are you trying to reach your target audience?
  • How are you talking to your audience?
  • How great are you at it?

Now that you are clear on what you are doing, you can evaluate your competitor#s effectiveness in terms of:

  • the product they provide.
  • the methods they use to reach the target audience (direct, channel etc).
  • the capabilities they use to help customers achieve success.
  • the mistakes they did.
  • the reviews their clients give them.
  • their sales copy.
  • their investment pitches.

This way you can compare the market, feature/function, go-to-market capabilities and more! Leverage tools such as Owler, LinkedIn etc. There are many that can help you fill in the blanks.

Good luck

This post and the information presented in newsletter, events and website content are intended for informational and entertainment purposes only. The views expressed herein are of the author alone and is not a recommendation of an investment strategy or to buy or sell any security, digital asset (including cryptocurrency) in any account. The content is also not a research report and is not intended to serve as the basis for any investment decision. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. The content is not legal advice. Any third-party information provided therein does not reflect the views of andremuscat.com. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

What can help me perform competitive research and find the gaps in my competitors’ strategies?

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