How do you do market research and competitive analysis?

Question

Can you describe your process for conducting market research and competitive analysis?

Rahul Parmar · Accepted Answer

I conduct market research by analyzing customer needs, competitor strengths, and industry trends to shape my strategy.

Simon🍋 · Answer

Without context, but usually users love early access and direct founder interaction.

Simon🍋 · Answer

Use similarweb for competitor traffic, join their Discord/Slack, and actually talk to their churned customers.

Siddeshwar Patri · Answer

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.

Christian Canlubo 🚀 · Answer

@annaho2000 Where do you start? Can you share a simple process you do?

Tegan Bradleys · Answer

Firstly I set my goals: What I want to achieve? Then I research

AnnaHo · Answer

I conduct market research by analyzing customer needs, industry trends, and competitor offerings, while using tools like surveys, reports, and SWOT analysis.

Monty Parin · Answer

I mostly start by publicly exploring information. This could be anything reports, academic paper etc

Juniper Sage Beaumont · Answer

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

Daniel Joseph Bennett · Answer

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!

Answer

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)

James Daryl · Answer

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.

How do you do market research and competitive analysis?

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