How to Conduct Competitor analyses/market research

Reverse Engineering (marketing edition) aka leveraging competitors’ hard work. ❌Don’t confuse it with… Ripping off your competitors’ marketing assets. That’s stealing. In this thread, I’m going to show you how to reverse engineer (ethically) and pave your way to success. Get your basics right. Reverse engineering is to take what your competitors are doing well. And figuring out how you can make it better. Or… If you’re entering a new market/launching a new product. It’s market research. But how do you reverse engineer? SIMPLE. Find the answer to the following questions. 1) Customers 🧑‍🤝‍🧑 Who are they selling to? Find out WHO their target audience is. Find out details about their demographics, psychographics, or any other graphic. This would help you define/find your ICP (ideal customer persona). 2) Offer/Product Know what your competitors are selling. And how they are selling. Bundle? Bonuses? Guarantees? Payment options? Or…how they’ve priced? This is important to know to stand out in the noisy market. 3) Strengths Know what your competitors are good at. Look for all the 5 star and 4 star reviews. Read through the testimonials. You’d find their strengths. 4) Window of opportunity Look for all the bad reviews. And try to figure out their problems/pain points. And add those features in to your offer or product to better serve the consumers. 5) Some high-level shizz - USP: what makes competitors’ product stand out - Big idea: communicates a brand, product, or concept to the public - Big Problem: the deepest problem that the competitor is solving - Big promise: what their solution is - Proof: how they’re convincing That’s how you reverse engineer like a pro. Go find your top 5 competitors. And answer these 5 questions for each of ‘em