How to be a good product manager at competitive analysis
To be successful and stand out at competitive analysis you need long, solid experience, but there are also specific techniques that, once learned, improve your skill. Let’s walk through some competitive-analysis techniques for a product manager.
Do not underestimate hidden knowledge inside your organization
Make a list of the industry players and organizations that matter most to your company or product. To find them, talk with your own group, marketing, sales, development, and anyone else who has information. Iranian organizations often do not believe in documentation, so people are an important store of knowledge.
Competitive analysis by continuously watching the market
Follow the news through Telegram channels or by following site feeds and RSS. Subscribe to competitors’ email newsletters or news sites, and on social media or any other tool you can, subscribe using keywords related to your product, competitors’ products, and even the names of people on competing products or the inventors.
Invite everyone to contribute
Information is sometimes so scattered and constantly changing that collecting it and keeping it current takes a lot of time. That is why you should create a repository for industry and competitor information. Invite others to contribute—to upload images, product descriptions, and other useful material they can share, and to discuss it.
Hold regular meetings for competitive analysis
Every so often, invite your team to a competitor-review meeting. In these meetings give a short presentation from your point of view and invite others to contribute. The best time is at lunch or before the workday starts. Lunch is one of the best times to talk about the industry and its players, because it needs no extra coordination and happens every day.
Join gatherings related to the industry
Join industry-related groups to learn about activity in your industry and domain. Sometimes you meet people who work at competing companies or know things about competitors and share insights—especially if you are a skilled interviewer or listener.
When you attend an event, take photos, write notes, and make sure you share what you learned with your team. As the eyes and ears of your organization you are in a unique position.
Watch business and the economy
Be a student of business and economics. Things happen in markets around the world, and there is a vast store of reports, analysis, and forecasts. Do this work when your product’s fortunes are affected by economic ups and downs.