Turn competitor research into action items

Start by mapping out who you are really competing with. This isn't just the obvious players - look for indirect competitors who solve the same problem differently. Use SWOT, PEST, or Porter's Five Forces to structure your thinking. The goal here is to spot gaps in the market that others have missed.

Now dig into how each competitor positions themselves. What's their value proposition? Who are they targeting? Create a simple canvas for each major player showing their key messages, target audience, and unique claims. You'll quickly see where they overlap and where you can stand out.

Time to get into the details. Check their websites, read their customer reviews, sign up for their newsletters, and look at their job postings. Job listings tell you what they're building next. Customer complaints reveal their weak spots. Don't skip social media - it's where you'll find unfiltered opinions about their products.

Build a side-by-side comparison of features and prices. But don't just list specs - think about value. A competitor might charge more but deliver better support. Another might be cheaper but lock customers into long contracts. Note the pricing models too: per user, flat rate, usage-based? These details matter when you're setting your own strategy.

Study how competitors talk to customers. What pain points do they emphasize? What language do they use? Look at their ads, landing pages, and case studies. Pay attention to what they are NOT saying too - sometimes silence reveals strategic weaknesses or areas they have decided to abandon.

Pull everything together into a clear summary. What did you learn? What surprised you? Most importantly, what are you going to do about it? Create a short list of specific actions - maybe it is adjusting your pricing, improving a feature, or changing how you talk about your product. Research without action is just procrastination.