How do you do market research and competitive analysis?
Christian Canlubo 🚀
8 replies
Can you describe your process for conducting market research and competitive analysis?
Replies
Simon🍋@simonas_kauzonas
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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
APIPark
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
1. Definitely focus on your target audience and competitors. Look at what they're doing well and where there are gaps you could fill. 2. Tools like Ahrefs, SEMrush, and Google Trends can help a ton with keyword research and seeing what's trending. 3. Don't forget about good old customer surveys and interviews too - sometimes just talking directly to potential users is the most valuable research you can do. 4. Keep an eye on industry reports, news, and analyst coverage to stay on top of bigger picture trends. 5. Pull it all together, test your hypotheses, and keep iterating based on what you learn. Market research never really ends!