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How to perform market research and competitive analysis effectively?
Main Post:
Team, can you please advise or suggest me tips on how to perform market research and competitive analysis effectively/efficiently? I get so bogged down and frustrated.
I would love to hear your methods, tools, and best practices. Also, has anyone tried using any AI tools and got accurate/usable results? I tired using bing, gemini, chatgpt, etc., but there was a lot of hallucinations 😕
Top Comment: The obvious - read their sites and product literature. Use sites like CrunchBase and linkedin to estimate revenues and employee size if not public. One trick that can get you some harder to find info is to google search using filetype. Like for example search on "[competitor] pricing filetype:xlsx" or "[competitor] filetype:pptx" and so on. Look for excel files, presentations, pdf documents. Words like pricing, competition, strategy, sales, proposal, rfp, requirements etc.
How do I perform market research?
Main Post:
So I have a couple of ideas. I need to assess those ideas and conclude with data driven insights. But whenever I venture on search engines to analyse, I always end up on sites that provide market reports which are quite expensive. Since I don’t want to go ahead with spending money as I am not earning yet, what other alternatives or options do I have to get reasonable data and market insights? Especially if I want to do a market research for a product outside my own geographic or country?
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