Introduction to Research and Competitive Intelligence for Product Marketers

What are research and competitive intelligence?

Research and competitive intelligence (CI) are the processes of gathering and analyzing information about your target market, competitors, and industry landscape. This information can be used to make better decisions about product development, marketing, and sales.

Why is it important for product marketing?

Product marketers use research and CI to:

* Understand their target market and their needs

* Identify opportunities and threats in the market

* Position their products and services against the competition

* Develop and execute marketing campaigns

* Measure the effectiveness of their marketing efforts

· The different types of research and competitive intelligence

There are two main types of research and CI: primary research and secondary research.

· Primary research?is research that is conducted by you or your company. This type of research can include surveys, interviews, focus groups, and usability testing.

· Secondary research?is research that has already been conducted by someone else. This type of research can be found in books, articles, reports, and online databases.

Conducting Research and Gathering Competitive Intelligence

· How to identify your research and competitive intelligence needs

The first step in conducting research and gathering CI is to identify your needs. What information do you need to make better decisions about product development, marketing, and sales?

· Where to find research and competitive intelligence data

Once you know what information you need, you need to find it. There are a number of places where you can find research and CI data, including:

* Online databases

* Government websites

* Trade publications

* Industry associations

* Your competitors' websites

* Your customers

· How to evaluate the quality of research and competitive intelligence data

Not all research and CI data are created equal. It's important to evaluate the quality of the data before you use it. Here are some things to look for:

* Is the data from a reputable source?

* Is the data up-to-date?

* Is the data relevant to your needs?

* Is the data accurate?

· How to analyze research and competitive intelligence data

Once you have gathered research and CI data, you need to analyze it. This involves organizing the data, identifying trends, and drawing conclusions.

Using Research and Competitive Intelligence to Inform Your Go-To-Market Strategy

· How to use research and competitive intelligence to identify opportunities

Research and CI can help you identify opportunities in the market. For example, you may find that there is a demand for a new product or service, or that there is an opportunity to enter a new market.

· How to use research and competitive intelligence to assess risks

Research and CI can help you assess risks in the market. For example, you may find that there are new competitors entering the market, or that there are changes in the regulatory environment.

· How to use research and competitive intelligence to create a competitive advantage.

Research and CI can help you create a competitive advantage. For example, you may find that you can offer a better product or service than your competitors, or that you can reach your target market more effectively.

Common Paid and Free Tools for Gathering Competitive Intelligence

· A list of common paid and free tools for gathering competitive intelligence

There are a number of paid and free tools that can be used to gather competitive intelligence. Some popular paid tools include:

* Klue

* Semrush

* Crayon

* Zoominfo

Some popular free tools include:

* Google Search

* LinkedIn

* Twitter

Case Studies

Here are a few examples of how research and competitive intelligence have been used to improve product marketing:

Netflix

Netflix used CI to identify the demand for streaming video services. They did this by surveying potential customers, tracking online search trends, and analyzing social media data. They found that there was a growing demand for streaming video services, and that people were willing to pay for them. This led to the development of Netflix, which is now one of the most popular streaming video services in the world.

Uber

Uber used CI to identify the demand for ride-hailing services. They did this by surveying potential customers, tracking online search trends, and analyzing social media data. They found that there was a growing demand for ride-hailing services, and that people were willing to pay for them. This led to the development of Uber, which is now one of the most popular ride-hailing services in the world.

Tesla

Tesla used CI to identify the demand for electric vehicles. They did this by surveying potential customers, tracking online search trends, and analyzing social media data. They found that there was a growing demand for electric vehicles and that people were willing to pay a premium for them. This led to the development of the Tesla Model S, which is now one of the most popular electric vehicles in the world.

As you can see, CI can be used to identify opportunities, assess risks, and create a competitive advantage. By using CI, product marketers can make better decisions about product development, marketing, and sales.

Here are some additional tips for using CI in product marketing:

· Be proactive.?Don't wait for competitors to make a move. Use CI to stay ahead of the curve and identify new opportunities.

· Be specific.?Don't just collect data. Analyze it and use it to make specific decisions.

· Be collaborative.?Share CI with other departments in your company, such as product development, sales, and marketing. This will help everyone make better decisions.

CI is a valuable tool for product marketers. By using CI, you can improve your product marketing efforts and help your company succeed.

I hope you found value in this article. Feel free to connect and/or ask questions regarding CI.

* Phot credit: Freepik

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