How can you track your product's competitive performance?

Tracking product competitiveness is crucial. Strategies include: 1. Market research: Analyze competitors, pricing, and customer perceptions. 2. Competitor analysis: Assess strengths, weaknesses, opportunities, and threats. 3. Benchmarking: Establish KPIs like revenue, market share, and quality. 4. Customer feedback: Gather insights for improvement. 5. Monitor online presence: Analyze competitors' messaging and engagement. 6. Price monitoring: Stay competitive with pricing strategies. 7. Product innovation: Adapt to market trends and customer needs. 8. Stay updated: Attend events to stay informed.

First, utilize market research tools to monitor industry trends and consumer preferences, helping you understand where your product stands in the market. Implement social media monitoring to gauge public sentiment and competitor activity. Use SEO tools to track keyword rankings and online visibility compared to competitors. Analyze sales data and market share information to measure your product's performance directly against others. Customer feedback and reviews can also provide insights into your product's strengths and weaknesses. Regularly reviewing these data points will help you make informed decisions to enhance your competitive strategy and product offerings.

For B2B - You should look in CRM "closed-lost" notes or if you have a "main competitor" field. CRM data is typically incomplete but it is usually one of the only quantifiable measures you can use for this. If you don't already have a "main competitor" field, make sure to create one, make it mandatory at a certain opportunity stage, & periodically track which companies are being listed most often.

Tracking your product's competitive performance involves regularly researching the market, analyzing competitors, gathering customer feedback, monitoring sales metrics, staying engaged on social media, evaluating SEO performance, participating in industry events, and focusing on innovation to stay ahead in the market.

One thing I've found super helpful is taking interviews of the employees from competitor companies, might appear snarky but works like a charm! Interviewees are more than happy to reveal the strategies and insights that you otherwise won't have direct access to.

- Implement strategies for tracking competitive performance - Monitor competitors' pricing and promotions - Analyze competitors' product line and quality - Keep track of competitors' customer reviews on platforms like G2 and TrustRadius - Utilize tools like Google Alerts, Comp. Cray, and public suite to stay updated on competitors' activities - Set goals and KPIs for competitive intelligence efforts - Use a combination of quantitative and qualitative metrics - Track sales readiness scores - Conduct win/loss reviews - Analyze financial data - Establish an automated and scalable way to gather customer feedback - Make adjustments based on data to continuously improve competitive performance.

Too often organizations get hung up on competition vs building a great product / business. Focus on these metrics first: 1. Customer Retention - do you renew the customers you sign? 2. Customer expansion - do your customers buy more products from you? If you don't offer additional products, ask them what else they would buy if you provided 3. New Customer acquisition - are you adding new customers? 4. On the prospects that don't buy, understand and track why and identify if it's a product feature issue, a poor fit between the prospect and what you offer, or sales performance issues. 5. Adoption metrics - Do the customers that buy the product use it the way it's intended and increase the use of the product across the organization.

Remember the Net Promoter Score (NPS)! This measure of customer loyalty reports their likelihood of recommending your business. The NPS score is measured with a single-question survey ("How likely is it that you would recommend [Product/Service/Company XYZ] to a friend or colleague?”) that's reported with a number ranging from -100 to +100 (higher scores are better). The NPS has 2 benefits: 1)The NPS is easy to collect, analyze, and communicate, and lets you know how your clients feel you're performing. If they're recommending you, you're performing well. 2)Many competitors publish their NPS scores. This gives you a simple way of comparing how you're all doing. It's not the only thing you should consider, but it's a valuable data point.

Tout dépend des objectifs définis. Il y a 3 grosses catégories de KPI : - Awareness & Adoption (drivé principalement marketing et produit) - Rétention (drivé principalement produit) - Revenue (drivé Sales) Des exemples concrets : - Les KPI Awareness & Adoption ça va être autour des metrics du funnel d’acquisition : #impressions, MQL, Conversion rate… - Pour la rétention : - Monthly active users - Le tx. churn - Le NPS / avis clients - # de tickets support - Revenue - MRR - Cross-sell et upsell - Customer lifetime value

1. Identify key performance indicators like revenue, market share, customer acquisition costs, and customer retention rates to benchmark against competitors. 2. Gather competitive data on pricing, product features, customer satisfaction scores, and brand awareness for comparison. 3. Analyze web traffic, search rankings, and social media presence to see how you rank against competitors for customer engagement and reach. 4. Regularly review competitor product updates and roadmaps. Monitor their development cycle and feature release cadence compared to yours.

In B2B manufacturing business, competitive data is scanty needs to be consolidated from all corners of the organization. An internal crowdsourcing platform will allow the collection of competitive knowledge from the hive to be channeled in to a central database, where the data can be curated, reengineered or repurposed to generate real time insights.

Two other major collection methods to consider: 1)Automate your data collection with a tool that automatically collects all news/press mentions about your competitors. One tool that's great for this is Klue, with which you can trawl absolutely everything published online about your competitors and which continuously tracks your competitors' website changes and provides you with a record of the actual change. 2)Get competitive intel from clients and ESPECIALLY prospects. Your competitors tell prospects what they actually offer as opposed to what they list on their public-facing info. Record every Sales meeting in a tool like Gong, which can share the recordings with other internal stakeholders and can further be integrated into your CRM.

Conduct SWOT analyses regularly to identify strengths, weaknesses, opportunities, and threats. Stay informed about industry partnerships and collaborations, as well as any regulatory changes that might impact the product.

Ways to track key competitors that has worked for us: - leveraging a competitive intelligence gathering tool like Crayon - utilizing customer feedback in competitive deals (regardless of outcome) to assess competitor strengths and weaknesses to inform product differentiation and positioning going forward via TruVoice - created an automated Slack channel that monitors RSS feeds for competitors' product changelogs

1. Use web analytics tools to collect data on competitor website traffic, conversions, and sales funnel metrics for comparison against your own. 2. Run surveys and interviews with customers to gather feedback on competitive product satisfaction versus your product. 3. Search news articles, industry reports, and market research firms for third-party data providing competitive benchmarking metrics and analysis. 4. Regularly analyze your product's market share trend over time compared to major competitors. Break this down by customer segment, region, or other key categories.

Competitive intelligence goes beyond just visiting competitors' sites. Here are the key docs to build your CI programs: 1. Research Competitors' hub with all links to CI docs. 2. Competitive Battlecard for sales & CS teams, housing all essential information. 3. Competitive Messaging Spreadsheet and Competitive Pricing Map. 4. Competitive Slack channel with updates, live time changes of what's happening in the market 👁

1. Create executive summaries and presentations highlighting key competitor benchmarking data, insights, and recommendations for strategic decision making. 2. Hold stakeholder meetings to discuss competitive findings and collaborate on strategies to improve your product's positioning. 3. Use reports and dashboards to provide sales and marketing teams with competitive intelligence data to better differentiate your product with customers. 4. Share competitive analysis through company newsletters, employee meetings, and internal collaboration platforms to align teams around opportunities.

Visualization Tools: Use dashboards to visualize data trends and patterns. Reporting Frequency: Establish a regular cadence for reporting, such as weekly, monthly, or quarterly. Stakeholder Presentations: Tailor reports to relevant stakeholders with actionable insights. Example: Present a monthly dashboard report to stakeholders showing trends in market share and customer satisfaction.

From the strategic point of view, the data coming from the above-mentioned platforms like Google Analytics, SEMrush, and others can give significant insights, but to make stories out of the data, it's important to gather it in one place and then visualize it using tools like Tableau, PowerBI or Excel. Such a comparison presents a holistic picture of your product vs the others'. Conduct a simple SWOT analysis of your product and then adopt a LIMA approach to achieve success. LIMA tells you to formulate your strategies by Leveraging the 'Strengths', Investing in the 'Opportunities', Mitigating the 'Threats', and Addressing the 'Weaknesses' of your products.

Die Kommunikation der Ergebnisse ist entscheidend für unseren Erfolg. Wir nutzen klare und prägnante Sprache, unterstützt durch visuelle Hilfsmittel, um Daten an Produkt-, Vertriebs- und Managementteams zu berichten. Unsere Berichte betonen die Wettbewerbsvorteile, identifizieren Lücken und zeigen Chancen auf. Durch regelmäßige Aktualisierungen verfolgen wir Fortschritte im Laufe der Zeit. Die kontinuierliche Aufmerksamkeit und Verbesserung in diesem Prozess ermöglichen wertvolle Einblicke, die unsere Produktstrategie, Marketingkampagnen und das Kundenerlebnis optimieren.

Strongly consider that your competitior is not another product. IT's often a behaviour, attitude or work around the market has. To assume your competitor is a product like yours is a 101 rookie mistake. Example. In consumer cyber security, the biggest competitor is inertia and ambivalence, not another company's features. People buy for peace of mind, not features.

Once you have identified your 3 top competitors, try to predict what their marketing strategies are for the coming year. If you can’t answer that question, you don’t know enough about your competition. Predictive marketing and staying ahead of the game is all about knowing your competition.

If your product is in an established B2B tech category then industry analysts reports and briefings are a very good source of information. Not only it can provide you current comparison but also future direction, which is very useful as this assessment can’t be static but constantly evolving.

I got heads up from team, we were struggling to compete in one retailer. One strong PC brand was working w that retailer mostly w our competitive brand After we check couple options, i had a chance to change account man for this retailer. New account manager was looking at this situation more holistically and helped this retailer on another area which was not helping our sales directly but helped us create trust w this retailer, in return our mss start ramping and reached 50+% better level Long story short, look at your problems holistically and build trust w your customers to compete better

I would say, instead of starting with identifying competitor, the first step, and before key metric is to identify what is the problem statement to solve for the customer/market, and what is the strategic objective at this point of time. It could be proving product market fit, scale up, or optimization of current existing funnel to improve unit economics and business health before next phase of business expansion. We cannot define key metrics without alignment business objective and go to market strategy and it should be the foremost important part of this exercise. Identifying competition is only one component of understanding the current landscape but no the end all be all in determining direction.