My personal insights on how to approach Competitor Analysis effectively and uncover hidden gems that can propel your own growth
A Better Approach to Competitor Analysis
When delving into competitor analysis, it's essential to abandon the notion of solely focusing on differentiation or criticizing their products. Such an approach hinders true learning and growth.
Instead, let's adopt a mindset shift and put ourselves in the shoes of their CEO or team members. Seek to understand their journey, starting point, and the reasons behind their current product messaging. What positive aspects have they excelled at? What valuable lessons can we learn or even emulate from their success?
Remember, just like us, our competitors embarked on a similar journey. They possess their own ideal vision and direction, constantly executing strategies to reach their desired destination. So, it's crucial not to pass judgment solely based on their current state.
My Secret Sauce: Learn Their Mistakes using WebArchive
Now, let me share a secret that has been a game-changer for me in competitor analysis. Have you ever heard of WebArchive? This invaluable tool allows you to delve into your competitor's past and witness the evolution of their product messaging. It holds a treasure trove of information that can provide deep insights into your market and raise critical questions you should consider for your own product.
Here's how to harness the power of WebArchive:
Access the WebArchive Link: WebArchive Link 📎
Enter your competitor's website URL or any specific page you want to explore.
Explore the Timeline: Unleash the time-traveling capabilities of WebArchive and navigate through different snapshots of your competitor's website. Pay close attention to how their product messaging has transformed over time, the milestones they've achieved, and the strategic shifts they've made.
Extract Key Learnings: Take note of the patterns, trends, and changes in their messaging. This analysis can unveil valuable insights into their market positioning, target audience, and overall growth trajectory. Consider how these insights align with your own goals and aspirations.
If you are a user of Copy.ai using prompt “Analyze the different captures of https://xxxx from web.archive and write a summary of how the product evolved it's messaging from date on inception to today” will give you a superpower. Credit to @luudybug
Embrace the Power of Competitor Analysis
Competitor analysis is not about tearing down others or dwelling on their flaws. It's an opportunity for personal growth, inspiration, and expanding our own horizons. By approaching it with an open mind and a willingness to learn, we can gain invaluable insights that shape our own journey towards success.