How do you do market research and competitive analysis?
Christian Canlubo π
9 replies
Can you describe your process for conducting market research and competitive analysis?
Replies
Maksym F.@iam_mfedorenko
1. Define Objectives
2. Target Audience Research(Customer Segmentation, Surveys & Interviews,Social Listening)
3. Industry and Market Trends(Secondary Research, trend rs,SWOT Analysis,PESTLE Analysis)
4. Competitive Analysis(Identify Competitors, Product comparison, Marketing Strategy, Customer Reviews)
5. Analyze and Interpret Data(Strategy)
6. Validate Insights(Test Hypotheses)
7. Monitor Continuously(track)
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Use similarweb for competitor traffic, join their Discord/Slack, and actually talk to their churned customers.
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User research through interviews and calls. Nothing else has come close to uncovering some incredible insights about customers needs and how competitors are working towards fulfilling those needs.
Firstly I set my goals: What I want to achieve? Then I research
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I conduct market research by analyzing customer needs, industry trends, and competitor offerings, while using tools like surveys, reports, and SWOT analysis.
@annaho2000 Where do you start? Can you share a simple process you do?
I mostly start by publicly exploring information. This could be anything reports, academic paper etc
1. Define your target market & ideal customer profile first 2. Use tools like Similarweb, Ahrefs, SEMrush to analyze competitors' traffic, backlinks, keywords 3. Set up Google Alerts for industry news, trends 4. Join relevant online communities, FB groups, subreddits to listen to your audience 5. Consider using AI tools like ChatGPT to help summarize market reports & generate insights
I think some strategies may include: conducting surveys, interviews, focus groups, or even observational studies to get direct feedback from potential customers and industry experts.