Best Strategies for Studying Your Competitors | Ep. #48

In Episode #48 Neil and Eric discuss their respective strategies for studying competitors. Listen as both hosts explain why examining the competition—while occasionally valuable—is not as helpful as examining customers, and why your big strategy shifts should be determined by YOU as opposed to the competition. Time Stamped Show Notes: 00:10 – How much should you focus on your competitors? 00:15 – Neil doesn’t focus on competitors too much 00:29 – Remember that the market is HUGE 00:45 – There’s a LOT of room out there 01:03 – Making a shitload of money as #2 or #3 is awesome—you don’t need to be #1 01:47 – Just focus on building your OWN business 02:12 – SEMrush 02:15 – Use it to gain keen insight into what your competitors are doing 02:49 – AdBeat 02:54 – See what your competitors are doing with more granularity 03:13 – If you’re going to pay attention to competitors, may attention to new products and market shifts 03:55 – If you don’t, you’ll get left behind 04:10 – Don’t sweat the small stuff—look at their roadmap 04:46 – Talk to your customers BEFORE making a big shift 05:05 – As long as you’re talking with your customers, you’ll never miss a beat 05:50 – Don’t do legwork for free 06:35 – When all you do is monitor your competitors, you’re playing a constant game of catch-up 3 Key Points: When it comes to competitors, only pay attention to their new products and market shifts—the rest is small potatoes. You do NOT need be #1. Never forget the market is HUGE. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.