When entering a new market, understanding your competitors is crucial. So, how do you typically conduct competitor research?
The Challenge
You might start by searching Google or Perplexity for competitors, browsing their websites and social media accounts one by one, extracting and compiling various bits of information into a spreadsheet. However, at this stage, you haven't truly begun analyzing or gaining insights; you're merely collecting and organizing data. This process is often time-consuming.
The Solution
As a product designer, I frequently analyze competitors and understand how labor-intensive this can be. Is there a way to enhance the efficiency of information collection and organization? Yes! To tackle this issue, my team and I developed QuickGather.io, a tool that automates the search and organization of information into tables, streamlining subsequent analysis and insights.
Automate Data Collection Process
When conducting competitor analysis, I focus on several key areas.
Here is the framework:
- Basic Product Information:
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Product overview
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Release date
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Target audience
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Value proposition
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Key features
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Technical advantages
- Performance Data:
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Website traffic
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User count
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Sales figures (publicly available data)
- User Insights:
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Follower counts on various platforms
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Customer feedback and reviews
By collecting this information, I can assess market size, user needs, product competitiveness, and niche markets, ultimately identifying opportunities and strategies for market entry.
With QuickGather, I can quickly gather most of this information. I simply list the competitors’ names and specify the data I want to collect, click a button, and let QuickGather do the rest.
While QuickGather may not find every piece of information, it accomplishes about 80% of the work, saving me significant time.
Say Goodbye to Market Research Hassles
In many ways, spreadsheets are the most fundamental digital tools we have. I believe that combining AI with spreadsheets can significantly enhance the efficiency of data collection, organization, and analysis, making competitor research more automated and streamlined.
Are you ready to revolutionize your market research process?
Try 👉 www.quickgather.io
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