Ask HN: Do you watch competitors or do you prefer to not think about it?
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Personally looking at competition is HUGE for me.
Here are my reasons that I look at competitors:
- See the strengths and weaknesses of available products in the market, so that I can see where I can create something with a competitive edge.
- To see competitors’ reviews and chatter. Those tell me where customers are feeling that their needs are underserved or poorly met.
- For inspiration on creative ways to solve some of the problems that my customers are facing.
- To see what positioning, language, and targeting is resonating with potential future customers, and view how that changes as customer needs evolve and technology improves.
- For an understanding of existing flows, language, and behaviors expected in my market. (Some things don’t need “reinvention”, like filling out an invoice).
- Before entering a new space, I look at competitors to map out the “blue ocean” of where my product(s) can drive value.
- So that I can guide sales and marketing to show the value of our product and how it excels over other companies.
- To see macro trends in the market when they start happening, as opposed to being surprised.
Here are my reasons that I look at competitors:
- See the strengths and weaknesses of available products in the market, so that I can see where I can create something with a competitive edge.
- To see competitors’ reviews and chatter. Those tell me where customers are feeling that their needs are underserved or poorly met.
- For inspiration on creative ways to solve some of the problems that my customers are facing.
- To see what positioning, language, and targeting is resonating with potential future customers, and view how that changes as customer needs evolve and technology improves.
- For an understanding of existing flows, language, and behaviors expected in my market. (Some things don’t need “reinvention”, like filling out an invoice).
- Before entering a new space, I look at competitors to map out the “blue ocean” of where my product(s) can drive value.
- So that I can guide sales and marketing to show the value of our product and how it excels over other companies.
- To see macro trends in the market when they start happening, as opposed to being surprised.
There is the Peter Thiel (Paypal) / Jason Fried (Basecamp) camp who thinks that looking at competitors is a distraction and the Marty Cagan (SVPG) / Hiten Shah (CrazyEgg) camp that believes competitor intelligence and analysis are a necessity.
Out of curiosity, what camp (or in the middle) are you in, and why?