How often do you keep an eye on your competitors?
I'm interested in how the rest of indie hackers are doing competitive analysis. What parameters of competitors do you track (traffic, pr publications, mentions in social networks, ect)? I personally do it not systematically, when I see a mention of a competitor somewhere. Then I start to see what has changed, where it has grown or fallen.
We watch them quite regularly meaning at least once per month. For us this is important since we also have some bigger clients that also compare tools and therefore it is good to develop a strategy on how to convince the customers to stick with us.
Usually do it at the beginning of building the product for more detailed research and then once in a while. Continuously monitoring competitor updates may not always be beneficial.
In the business of option trading, it's less about competition with others and more with oneself emotions.
Traders who compare themselves with other traders almost always prepare themselves to lose.
Not more than once a month.
Constantly paying attention to competitors clouds your own judgement in terms of feature set and gives you major FOMO.
We track our competitors monthly - their services, pricing, and business evolution along with basic benchmarks on social and SEO. We don't do it in-house though.
We use - https://www.competitorstrategy.com
Perhaps something like this could be of value to you: https://www.tona.so/ I haven't tried it myself but it might address your needs.
Yes, thanks for this link!!!
I sign up to all of my competitors products so that I receive their marketing emails. This helps me stay up to date and learn a little about marketing.
When I built my first product, I watched my competitors closely, trying to build a product that would give me USP. This was a bad idea - I ended up loosing sight of my target customer. Focus on the customer, not the competition!