The Competitor Research Playbook
Patrick Campbell (Founder of Profitwell, which was acquired by Paddle) developed an exhaustive playbook on how to research, track and take action on your Competitors.
And when we say "exhaustive," we mean 28,000+ words with no fluff, just data-driven insights and practical guidance.
Why We Like It
Patrick's "Market Command Matrix" is one of the most practical tools we've seen for communicating the competitive landscape, through the eyes of the Buyer. This is critical. What we think of our competitors is irrelevant. The only perspective that matters is the Buyer's.
The marketplace of solutions (us and our competitors) are constantly sending messaging, which forms the lens through which the Buyer sees the market.
The guide also provides specifics on develop and take action on a Competitor Research Program that are achievable for companies in the lower middle market with lean teams.
How to Apply It
In our work advising over 50+ companies, not one has had an "always on" market/buyer/competitor research program in place, yet the return on the resources allocated to execute is off the charts. Make this a part of your GTM engine, today. Patrick does an excellent job of outlining a process that is achievable for lean teams.
Caveats
Do it with integrity. This quote sums up the temptation:
"Remember we don’t care about what we think. We’re not seeking the answer we want. We’re seeking the truth."
In addition, there are a lot of potential actions to take, based on the findings. Don't try to tackle more than 1-2. Prioritize against effort/impact and get it out into the wild.
