In the business world, getting to know the playing field involves more than just figuring out the market size or spotting the next big thing. Knowing who you’re up against is just as crucial. This insight can show you what makes your startup stand out and whether it has what it takes to lead the pack.
So, how do you get the scoop on your competition? Here are some smart ways and helpful tools to dig up the dirt on your industry peers.
SimilarWeb
SimilarWeb is a great tool that shows you information about websites. This tool provides insights on website metrics like traffic volume, sources, and bounce rates, among others. While not flawless, SimilarWeb’s trends and estimates often hit close to the mark, making it a go-to for initial research. By analyzing traffic visits, I can gauge potential sales, understand a company’s main operating regions through traffic sources, uncover more competitors, and learn about their customer acquisition strategies.
Crunchbase
Crunchbase offers a wealth of information on companies, from their funding rounds to key personnel. Even with its free version, Crunchbase is a treasure trove for preliminary company research.
Googling
Simple online searches can yield surprising results. Typing in the company name followed by specific metrics might bring up useful data, though it’s wise to approach these figures with skepticism.
LinkedIn Insights
Many professionals take pride in their work achievements, sometimes sharing valuable data right on their LinkedIn profiles. While not a consistent source, you might stumble upon significant insights when researching employees from target companies.
Facebook Ads Library
Platforms like the Facebook Ads Library offer transparency into a company’s active ad campaigns, revealing their marketing strategies and messaging. This window into a company’s advertising efforts can provide critical insights.
Google Ad Transparency
Google ads transparency tools allow you to explore current and past ad campaigns for any given company, offering a glimpse into their marketing evolution, albeit with some patience required due to slow loading times.
Keyword Analysis
Understanding what potential customers are searching for can shed light on a competitor’s market presence and which terms are driving traffic to their sites. Tools such as UberSuggest, AnswerThePublic, Ahrefs, and SEMRush are invaluable for this type of research.
Customer Feedback
Product reviews on social media (Facebook or Google), Reddit, TrustPilot, and other platforms can offer unfiltered feedback on a competitor’s offerings, providing a direct line to customer sentiment.
Comprehensive Reports
Lastly, Annual Reports from industry and public companies can give an in-depth look at financial health and strategic direction. These documents are key for benchmarking and trend analysis.
đź“š Essential Resources
| General Startup Funding and Trends: |
|—-|
Techcrunch
CB Insights
Connecting the Dots in Fintech
Inside
Axios
AngelList)
FemWealth
| Africa-focused: |
|—-|
TechCabal
Disrupt Africa
The Big Deal
TechCrunch
Tech Safari
Startup List Africa
| Asia-Focused: |
|—-|
Inc42
Mint
The Ken
E27
Tech in Asia
| Australia Focused: |
|—-|
Cut Through Ventures
SmartCompany
Overnight Successes
By leveraging these tools and strategies, you can conduct a thorough competitive analysis, equipping your business with the knowledge to navigate and excel in your market.
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PS: Follow me on Twitter or LinkedIn to connect. If you found this useful, you may also like to read “Remember, We Live in the Age of Beta Versions: How to Anticipate Trends and Launch an Online Product”.
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