What Are Some Common Sources of Competitive Intelligence to Improve Your Product Management

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What are some common sources of competitive intelligence to improve your product management?

Competitive intelligence is a powerful tool for businesses and organisations to gain an edge in their respective markets. Common sources of competitive intelligence include market research, surveys, interviews, industry reports, competitor websites, trade shows and conferences, competitor press releases, internal documents and databases, and social media.

Market research is one of the most common sources of competitive intelligence. Market research involves gathering data from customers or potential customers through surveys or focus groups to gain insights into consumer preferences and behaviour. This information can be used to identify trends in the market and better understand the competition. 

Surveys are another helpful source of competitive intelligence. Surveys can provide valuable insight into customer needs and preferences as well as the strengths and weaknesses of competitors. Interviews with industry experts can also provide valuable information about the competitive landscape. Industry reports can offer an overview of current market trends and an analysis of competitors’ strategies.

How can you use competitive intelligence to improve your product management skills?

Competitive intelligence can be an incredibly valuable tool for product managers. It involves gathering information about competitors and their products, including features, pricing, customer feedback, etc. This can help product managers better understand the competitive landscape and make informed decisions about their products. 

What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

By analysing competitor data, product managers can identify areas where their products may need improvement or where they have a competitive advantage. They can also use this information to benchmark against other products in the market, track customer trends, and adjust their strategy accordingly. Additionally, having an understanding of the competition allows product managers to tailor their marketing and positioning strategies to compete better in the marketplace. 

Ultimately, using competitive intelligence is essential for staying ahead of the curve as a product manager. By taking advantage of all available resources and data points related to competitors’ products, product managers can gain valuable insights into what works — and what doesn’t — to create winning strategies for their own offerings.

Competitive intelligence is a vital component of product management, and it’s not just about comprehending the specs and features of different competitors’ products. Product managers also need to know the finances, scale, industry relations, global reach, and valuation of the competitors.

What are some common sources of competitive intelligence to improve your product management?

A product manager must not only be familiar with the details of their own company but also must know how competitors compare to their own business. Fortunately, there are plenty of resources for this, which product managers can use for free.

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What is competitive intelligence?

The collection and analysis of information to make sense of what’s happening, what's next, and what you can do to enhance your competitive advantage.

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk

Want to know more about market and competitive intelligence and how it can help you beat your competitors?

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