Ask IH: How do you keep track of Competitors without losing focus?
I'm working on Draftly (dot) so, a tool to help people and businesses grow on LinkedIn. Recently, I had an experience that made me think.
I wan on a call with a potential customer, and during the call they asked how we compared to another tool. I had never heard of it. Turns out, this competitor launched a few months ago and was getting attention in the same space.
I tried to learn about them on the spot while on the call, but it didn't go well. The customer didn't sign up, and I realized I need to do a better job of staying updated on new tools in my space.
As a small team, it's hard to keep up. We're busy building and improving Draftly, so tracking every new competitor feels impossible.
Just curious:
- How do you find out about new competitors early?
- Do you track their features and updates regularly? If yes, how?
- Are there tools, platforms, communities that help you stay on top of things?
Would love to hear how others manage this.
Have you tried strict scheduling? Like 1 hour on Mondays are dedicated to competitors. Would possibly a scheduled email from some competitor tracking tool aid it (like every Monday same time you get a list of changes worth attention to your mailbox)?
Yep. That's what I started doing. Not for Draftly any more. I sold it. :)
One technique I use is to set up specific alerts for key competitors and check them weekly. Have you tried tools like Feedly or Google Alerts?
Thanks for sharing your experience—it’s a challenge many of us face while trying to focus on building and improving our products. Here are some strategies and tools that might help you stay ahead of new competitors in your space:
Set Up Alerts & Monitoring Tools:
Consider using Google Alerts or Talkwalker Alerts to monitor keywords related to your industry and competitors. Additionally, tools like Owler or Crunchbase can provide insights into new entrants and their funding or growth signals.
Utilize Competitor Tracking Platforms:
Tools such as SimilarWeb, SEMrush, or AppAnnie can help you track competitor traffic, feature updates, and market trends. These platforms can offer regular reports on new developments in your space.
Engage with Industry Communities:
Platforms like Product Hunt, BetaList, and relevant LinkedIn groups are great for discovering emerging tools. Communities on Slack or Discord, especially those focused on marketing tech or SaaS, can also be valuable for real-time updates and discussions.
Follow Thought Leaders and Industry Publications:
Keep an eye on influencers, industry blogs, and podcasts that cover the latest trends and tools in marketing technology. They often highlight new players early on.
Dedicate a Regular Review Session:
Even if you’re a small team, setting aside a short, regular review period (weekly or bi-weekly) to scan through news, updates, and competitor activity can help you stay informed without taking too much time away from product development.
I hope these suggestions help you feel more prepared in future calls. It’s all about finding a balance between staying updated and focusing on what you do best. I’d love to hear how your strategy evolves as you continue growing Draftly