Episode #48
Best Strategies for Studying Your Competitors
September 17, 2016

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:

  1. When it comes to competitors, only pay attention to their new products and market shifts—the rest is small potatoes.
  2. You do NOT need be #1.
  3. Never forget the market is HUGE.

Leave some feedback:

  • What should we talk about next? Please let us know in the comments below.
  • Did you enjoy this episode? If so, please leave a short review.

Connect with us:

Discover Latest Episodes

Episode
25.6% of All Searches Are Now Zero Click and Here’s What You Should Do #2295
December 01, 2022

In episode #2295, Neil and Eric talk about how 25.6% of all searches are now zero-click, and what you should do. Google’s new methods for displaying search results are becoming increasingly sophisti...

Episode
Should You Hire Friends or Family? #2294
November 30, 2022

In episode #2294, we discuss whether or not you should hire friends and family. Regardless of the size of your business, hiring someone from your inner circle can be complicated! Ultimately, it comes ...

Episode
Why Some Ad Platforms Will Struggle in The Future #2293
November 29, 2022

In episode #2293, Neil and Eric discuss why some ad platforms will struggle in the future. Apple’s recent privacy changes on iOS have had a significant impact on digital advertising. With Google loo...