Several ways of market and competitor research that product manager can use.

Intro

As a product manager, it's essential to conduct research on the market and competitors before launching a new product. This research helps identify customer needs and preferences, industry trends, and the competitive landscape. By understanding these factors, product managers can make informed decisions on how to position and market their products for success in the market.

How research Product Manger on the market and competitor?

A product manager typically conducts market research and competitor analysis in several ways:

1. Surveying customers and gathering feedback on the product or similar products in the market.
2. Analyzing sales data and industry trends to gain insights into customer behavior and preferences.
3. Keeping an eye on competitors by monitoring their product releases, pricing, and marketing strategies.
4. Using tools such as Google Trends, SEMrush and Ahrefs to understand the search trends and online presence of competitors.
5. Attending industry events and conferences to stay up-to-date on the latest developments and network with other professionals in the field.
6. Finally, A/B testing and user testing is also a good way of researching market and competitors.

Example

Let's say a company wants to launch a new line of organic skincare products for women. The product manager assigned to this project would conduct research to gather information about the market and competitors in the following ways:

1. Surveying customers: The product manager would conduct surveys to gather feedback from potential customers on what they look for in skincare products, what they currently use, and what they would like to see in the new line of organic skincare products.
2. Analyzing sales data: The product manager would analyze sales data for similar products in the market to understand customer behavior and preferences. They would also research industry trends to see if there is a growing demand for organic skincare products.
3. Monitoring competitors: The product manager would keep an eye on competitors by monitoring their product releases, pricing, and marketing strategies. They would use tools such as Google Trends, SEMrush, and Ahrefs to understand the search trends and online presence of competitors.
4. Attending industry events: The product manager would attend industry events and conferences to stay up-to-date on the latest developments in the skincare industry, network with other professionals, and gather information on the latest market trends.
5. A/B testing and user testing: The product manager would conduct A/B testing and user testing of the new line of organic skincare products. This would help them understand which products are most popular, what changes need to be made, and what to expect from the competition.

With this research, the product manager would be able to make informed decisions about the new line of organic skincare products, including the target market, pricing, marketing strategies, and differentiating factors from competitors. This will increase the chances of success in the market.

Conclusion

In summary, product managers conduct research on the market and competitors through a variety of methods such as surveying customers, analyzing sales data, monitoring competitors, attending industry events, and A/B testing and user testing. With this research, product managers can identify key trends and insights that will inform their decisions on how to position and market their products for success. It's important for product managers to continuously monitor the market and competitors to stay up-to-date and adapt their strategies as needed. This will increase the chances of success in the market.