How do you learn from competitors' product launches?

1 Track their launch activities

The first step is to track and monitor your competitors' launch activities. This includes their pre-launch marketing campaigns, their launch events, their post-launch feedback, and their product updates. You can use tools like Google Alerts, social media, newsletters, blogs, podcasts, and webinars to stay updated on their launch news. You can also sign up for their products or services, or use free trials, to experience their launch features first-hand.

2 Analyze their launch goals

The next step is to analyze their launch goals and outcomes. What are they trying to achieve with their launch? Who are they targeting? How are they differentiating their product from yours or others? How are they measuring their launch success? You can use frameworks like SWOT analysis, value proposition canvas, or lean canvas to map out their launch strategy and identify their strengths, weaknesses, opportunities, and threats. You can also use metrics like user acquisition, retention, engagement, revenue, and satisfaction to evaluate their launch performance.

3 Compare their launch with yours

The third step is to compare their launch with yours. How does your product compare to theirs in terms of features, benefits, pricing, positioning, and messaging? How does your launch strategy compare to theirs in terms of channels, tactics, timing, and budget? How does your launch performance compare to theirs in terms of results, feedback, and reviews? You can use tools like spreadsheets, charts, or dashboards to visualize and compare your launch data and insights.

4 Learn from their launch mistakes

The fourth step is to learn from their launch mistakes and avoid them in your own product development and launch. What are some of the common launch pitfalls that your competitors have faced or are facing? How can you prevent or overcome them in your own launch? Some examples of launch mistakes are launching too early or too late, launching without enough testing or validation, launching without enough marketing or support, or launching without enough differentiation or value. You can use tools like feedback surveys, user interviews, or usability tests to identify and fix any launch issues or gaps in your product.

5 Learn from their launch successes

The fifth step is to learn from their launch successes and replicate or improve them in your own product development and launch. What are some of the best practices or lessons that your competitors have followed or learned from their launch? How can you apply or adapt them to your own product and market? Some examples of launch successes are launching with a clear problem-solution fit, launching with a strong value proposition and positioning, launching with a compelling story and message, or launching with a loyal and engaged user base. You can use tools like customer personas, journey maps, or storyboards to design and deliver a better product and launch experience for your users.