As a consultant for several small businesses with junior PMMs in their organization and a mentor to a few more on LinkedIn, I often encounter the same burning question: How does one effectively conduct competitive research? The answer, I explain, largely depends on the industry and the availability of information. In larger sectors, there is an abundance of data readily available. However, in smaller, niche markets, this information isn’t as accessible. However, regardless of market size, new information is constantly emerging. That’s why I recommend developing a robust framework for competitive intelligence. Since competitive research isn’t a one-time task—having a structured approach allows you to continuously identify which tactics need refinement or revisiting, ensuring your competitive research remains thorough and up-to-date.

Here are some of the different competitor research activities that all product marketing teams should be doing for your product:

1. Market Analysis

• Industry Reports and White Papers: Utilize reports from research firms like Gartner, Forrester, and IDC, which provide detailed industry analysis and competitive landscapes.
• Trade Shows and Conferences: Attend industry-specific events to gather insights on competitor products, marketing strategies, and customer feedback.
• Market Segmentation: Analyze the market to identify and understand different customer segments, tailoring your product to better meet their needs than your competitors. I go into more detail about market segmentation in the Identifying Your Target Market module of the PMM Playbook e-learning course if you would like a full breakdown of common market segments.

2. Competitor Product Analysis

• Feature Comparison: Regularly update a feature comparison matrix that details your product’s features against those of key competitors. For larger markets, your competitors or Industry reports will typically have these tables available to you but keep in mind that this information may not be 100% accurate or current, so it’s a good rule of thumb to verify this information, if possible. 
• SWOT Analysis: Conduct a Strengths, Weaknesses, Opportunities, and Threats analysis for both your product and competitors’ products to identify gaps and opportunities.
• Pricing Analysis: Keep track of competitors’ pricing strategies and promotions to understand their approach to market penetration and customer acquisition. Your competitors’ pricing may not always be available, so asking their customers and hiring research firms may be your best bet to acquire this information. 

3. Digital Footprint Analysis

• Website and SEO Analysis: Tools like SEMrush, SimilarWeb, and Ahrefs can analyze competitors’ websites to understand their keyword strategy, backlink profile, and content marketing efforts.
• Social Media Monitoring: Use tools like Hootsuite and Sprout Social to monitor how competitors engage with their audiences and how those audiences respond.
• Online Reviews and Forums: Monitor platforms like Trustpilot, G2, Capterra, and specialized forums to gather consumer feedback on competitor products.

4. Sales and Marketing Materials Analysis

• Collateral Review: Gather and assess competitors’ sales brochures, promotional materials, and digital content. These materials can be sourced from various locations, including competitors’ websites, customer feedback, or industry events. This analysis helps to understand their marketing strategies and customer engagement approaches.
• Advertising Campaigns: Evaluate competitors’ ad campaigns across various channels to gauge their key selling points and targeted demographics.
• Sales Tactics and Channels: Understand the sales tactics employed by competitors, including the channels they prioritize, such as direct sales, partner networks, or e-commerce platforms.

5. Customer and Expert Interviews

• Customer Feedback: Conduct interviews or surveys with customers who have used or evaluated competitors’ products to understand their strengths and weaknesses. This is a great way of identifying key differentiators that matter to your customers and can help with positioning your product on the market.
• Expert Opinions: Consult with industry analysts and experts to obtain insights on market trends and competitor standings. Developing analyst relations is a key, yet frequently overlooked strategy that can significantly benefit your product. Analysts possess extensive knowledge and data about your industry and often have a clear understanding of where your market is moving.

6. Technological and Patent Analysis

• Tech Stack Analysis: Investigate the technologies that power competitors’ products to predict future moves and understand their product capabilities.
• Patent Filings: Review patent filings to anticipate new product developments or innovative features competitors might be exploring.

7. Financial Analysis

• Earnings Calls and Financial Statements: Analyze financial documents and earnings call transcripts to extract insights about business health, investment areas, and strategic priorities.
• Merger & Acquisitions (M&A): Track mergers and acquisitions in the industry to understand how competitors are expanding their capabilities or entering new markets. This insight can reveal where competitors perceive gaps in their offerings and highlight their strategic priorities for strengthening their market position.

8. Continuous Monitoring

• Alert Systems: Set up alerts using tools like Google Alerts for real-time news on competitors and industry keywords. This will ensure you stay current with market trends that may affect your product.
• Regular Reporting: Create regular reports (monthly or quarterly) that summarize competitive insights and distribute them among relevant teams to inform decision-making.

Best Practices for Maintaining Competitive Intelligence (CI) Documentation:

• Regular Updates: Competitive landscapes can change rapidly; regular updates ensure your CI remains relevant and actionable.
• Accessibility: Ensure that the CI is easy to access and use for all stakeholders, from sales to product development teams.
• Security: Maintain the security of competitive information, especially when using shared or cloud-based platforms.
• Collaboration: Encourage contributions and updates from various team members, such as sales, customer service, and product development, to keep a well-rounded perspective.