Research competitors’ go-to-market strategy
1. Use Google, Amazon, Facebook search, and industry directories to identify competitors that offer similar products in your niche or have a similar brand identity.
2. Create a profile for each identified competitor.
Each profile should include information like the competitor’s: Product offerings. Market segment. Pricing. Market position and value proposition as defined by their website. General strengths and weaknesses. Interesting notes.
3. Specifically research each competitor's product launches or company launch for newer brands.
With a little sleuthing you can dig specifically into go-to-market strategies: Read your competitors’ blogs with an eye toward new! type language that would signify a new release. Look for a press section of their website. Search [competitor name] press release. Scroll through their social media feed for new product launches. Take notes on the channels & messaging your competitors used when launching new things.
4. Recreate your competitors' buyer personas and follow their buyer journey through secret shopping.
Pay attention to each step in the purchasing process. For example: What page do you arrive at after clicking on their ads in Google? What kind of content do you encounter at each phase of the buyer journey? Additionally, use tools like SimilarWeb’s Research Intelligence to gain access to your competitor’s user demographics.
5. Set yourself up for ongoing secret shopping by joining competitors' email lists, webinars, and social media.
Joining an email list is one of the easiest ways to get access to your competitors’ best stuff on an ongoing basis. Email is a favorite channel for announcing new products, and testing messaging, so pay attention! Look for further opportunities to sleuth through webinars, live events, and more. Once you’ve visited your competitors’ websites – and placed one of their products in your cart – notice any retargeting ads you receive from them.
6. Don't just listen to your competitors - listen to their customers.
Your competition’s customers may know them better than they know themselves – and be more honest! Read product reviews with an eye toward both what people love and where your competitor fell short. Read forums like Reddit, ProductHunt, G2, and industry-specific groups for more sentiment analysis.