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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.
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