Sinking the Enemy: A PM's Guide to Smashing Competitor Research.

Listen up, soldier! We’re at war.

let's be honest. The product space is a battlefield. I know we’re supposed to act like we’re friends with the competition. Like it doesn’t matter what they do. Like it’s all roses and rainbows out here. Kumbaya, all that bullshit.

Banish that thought, Soldier...

Picture this, you've got your killer idea, your awesome team, and you're ready to dominate. But out there, lurking in the shadows, are your competitors – just waiting for you to slip up, to show a vulnerability, just one small mistake, one small miscalculation.

Maybe you messed around and didn't listen to your customers enough to build the right solution for them.

Do you, for a moment, think they’ll hesitate even one second if they have a chance to crush you?

No, they won’t.

That’s why you have to be prepared from the get-go.
Competitor research can be the difference between wasting months and years of your life building a product only for Google, Apple, or Amazon or (fill in the blank spaces) throwing a couple of millions at a bored PM to outbuild you in the twinkle of an eye.

So yes, we’re in a fight. If you’re going to fight, you might as well know all about your enemy.

Think of this article as Sin Tzu’s Art of War, but for PMs.

You ready??

Competitor research is your secret weapon. Think of it as gathering intel on the enemy so you can outsmart them.

Here's the breakdown of your mission, should you choose to accept it:

1. Know Your Enemy

First up, who are these jokers you're up against? Start by making a list of your direct competitors—the ones offering similar products to the same customers—as well as indirect competitors who might be nibbling away at the edges of your market.

2. Spy Time!

Now, it's time to go undercover. Here's how to sneak a peek at what your competitors are up to:

Their Website: This is recon 101. Scour their site for clues about their features, pricing, who they're targeting, and their overall marketing message.

Reviews and Forums: Listen in on the gossip. Check out reviews and online forums (Reddit is such a goldmine) to see what customers are saying—both the good and the bad give you juicy intel.

Test Drive: If possible, sign up for their free trial or demo. See how their product actually works, what you love about it, and, more importantly, where it falls short.

3. Chart the Enemy Battle Plan

It's not just about their features; you need to infiltrate their heads. Try to answer these:

Target Market: Who are they selling to? Is it the same as yours, or are there juicy, underserved segments they're ignoring?

Pricing Strategy: Are they the budget-friendly guys or the premium option? This reveals how they want to be perceived.

Strengths and Weaknesses: Analyze that SWOT like a japanese ninja! Where do they excel, and where are their gaps? This is where you strike!

4. Exploit Their Weaknesses

You've mapped the enemy's weaknesses, now it's time to use them to your advantage. Ask yourself:

Differentiation: How can your product stand apart and solve a problem their product leaves untouched?

Fill the Gaps: Are their customers complaining about missing features or poor service? That's an open door for you to swoop in.

Outsmart Their Marketing: If they're shouting about one benefit, find an under-appreciated angle and make that your spotlight.

5. No Rest for the Wicked

Competitor research isn't a one-and-done deal, soldier. The enemy fleet is always changing course. Set up alerts to monitor their website changes, social media activity, and press releases. This lets you get ahead of any surprises that'll surely come.

Let’s do a little exercise.

You’re the new PM at Gumpay, a fictional Nigerian Fintech Company that wants to create a budgeting app and you have been tasked with researching the comeptition.

Now, using our guidelines up above, what would you do?

1. Know Your Enemy

Direct Competitor: A direct competitor would be other budgeting apps on the app stores.

Indirect Competitor: Even traditional banks, though not offering the same tech-focused experience, are competing for attention when it comes to helping people manage their finances.

2. Spy Time!

Website Recon: You analyze your competitor's website and notice they are heavily focused on savings features, but don't have robust tools for tracking spending. This might indicate an underserved market segment interested in expense management.

Reviews and Forums: You find many competitor complaints on Nairaland about confusing interfaces and unhelpful customer service. This is prime intel for creating a superior user experience.

Test Drive: You sign up for your competitor's free trial and realize their onboarding process is overly complex. This gives you a focus area to make your product super intuitive.

3. Chart the Enemy Battle Plan

Target Market: You discover your competitor's marketing heavily features young professionals, hinting they might not be optimizing for other demographics.

Pricing Strategy: Their premium pricing indicates they see themselves as an "exclusive" tool – leaving room to target price-sensitive customers.

Strengths and Weaknesses: They've got a slick visual design but lack in-depth analytics, making them more appealing to casual users than those looking for serious financial insights.

4. Exploit Their Weaknesses

Differentiation: You focus your messaging on data-driven budgeting instead of general savings goals.

Fill the Gaps: You listen to those forum complaints and ensure your customer support is responsive and helpful.

Outsmart Their Marketing: While they emphasize ease-of-use as the primary benefit, you highlight the long-term, customizable financial tracking your app offers.

Bonus Tip: It's Not All About Warfare

Sometimes, a competitor's strategy might be so good it sparks some inspiration. Don't be afraid to acknowledge what they're doing right – then go and try to do it even better!

Mission: Success!

Competitor research is a powerful tool in your PM arsenal. Do it strategically, do it often, and use those insights to build a product that sinks the competition while delighting your customers.

Now get out there and conquer!