Welcome!

Wassup. If you’re new here, I’m Jack Boudreau.

Whether you saw a TikTok or Instagram Reel, or maybe a friend shot this over to you, just bear in mind I began this blog because it bothered me that most founder or startup related content is always wayyyy after they achieved big milestones like $1M in monthly recurring revenue (MRR).

And very little are willing to share when they’re in the thick of it.

Like the reeeeeaaaaal thick of it…take us for example.

Habits has less than 10 employees, were under $750k in ARR, and launched earlier this year. So proceed with caution.

Competitor Research

This is gonna be a dicey one…because a bulk of Habits competitors subscribe to this blog. And I know this for a fact because they are pretty blunt to share that over the DMs, on Zoom calls (yes I do that, but not frequently), or I hear it through the grapevine.

But that’s the cost of building in public 😅 

Here’s the thing, if there is money to be made, odds are somebody is already doing it.

So instead of pretending they’re not there, I get to know ‘em or at least try to understand their angle.

Using Their Products/Services

For those who are not aware, Habits began because I personally experienced the problem of failing to find a good advisor.

Naturally, I turned to existing services or marketplaces to help and they were brutallllll. It was very clear that either my data or contact information (probably both) were being sold to the highest bidders.

And this ladies and gents is phase 1 of competitor research...

Use their product or service, take detailed notes of the experience (both good and bad), and track how it changes over time.

DM Everyone Who Will Take Your Call

I’ve spoken to over 1,500+ financial advisors and over 2,000+ families.

That’s not a joke.

I mean duh, it’s obvious to meet potential new customers, but they will tell you 90% of what you need to know about your competitors.

Just recognize their feedback will be biased. It’s equally important to know their good experiences just as much as their critiques of the competition.

Bottom line, meet & engage with as many potential users as possible.

Data Tracking & Monitoring

In this day and age, it’s so easy to keep up with other players in your space. Think about it…website traffic, social media engagement, google news alerts, etc.

But also, this type of monitoring forces you to see where you fit amongst the rest of the players and it’s important to be honest with yourself.

A simple example is the screenshot above where we track our competitors follower growth on LinkedIn.

Competitor data is meant to inform you…don’t let it control or influence key decision making.

Existing & Former Employees

(This is where it might get diceyyyyy)

I have no shame DM-ing former or heck even current c-suites to even entry level employees of my competitors. And you would be surprised how reluctant people are willing to meet and chat.

This is how you can gauge culture, management, morale, operations, efficiencies vs. inefficiencies, the list goes on…sorta like customers, take their feedback with a grain of salt.

Most importantly, keep in mind of what you share and how you present yourself. Being cagey and weird will backfire on you horrendously, but being too open and friendly can have a similar impact.

Proceed with caution.

Key Takeaway

I think it’s naive to believe that you could ever know your competitors better than they know themselves.

But….

I do think it’s possible to know 75% ish. To the point where you sorta know the answers or feedback your going to get.

And that’s the key.

Know enough about your industry, the players, and their angles, but not too much for it to become a distraction.

HMU

If you’d like to dive further into this topic just shoot me a note at [email protected] 

^{Find Your Financial Advisor}

If you’re somebody on the sidelines or are not sure if a financial advisor makes sense for you or your family, just shoot me an email at [email protected].

Or… visit our website and book time with us!

Thanks for reading, Habits fam. See you back here next week for more.

-JB