What is the best use of limited time to research market trends and competitor activities? We don't have budget for tools like Klue or Crayon

Market intelligence is distinct from competitor intelligence. They serve a different purpose. The key is to tie it into business objectives. If your sales team is doing great and your roadmap is strong, then competitive insights are not really needed. I go back to what i said a few times. tie research type, volume, time investment, area etc. with business objectives.

I work at a 30-person startup right now (aka limited budget, and I'm the only product marketer AND part of a 2-person marketing team) so I totally feel you there.

Here are some "tips and tricks" I've found to be really helpful that are low effort but high impact, and of course no budget required!

1. Leverage Free Tools: Tools like Google Alerts, Social Mention, and Feedly allow you to track mentions of competitors, industry trends, and relevant keywords. Set up alerts for key terms related to your industry and competitors to receive timely updates.

2. Utilize Social Media and Forums: Social media platforms are treasure troves of real-time information. Follow your competitors, and pay attention to their posts, comments, and engagement. Join industry-specific groups on LinkedIn and Facebook, and participate in discussions on forums like Reddit and Quora to gauge market sentiment and emerging trends. DataBeats and The MarTech Weekly are communities I personally enjoy, and members are really helpful in answering industry questions I have.

3. Analyze Competitor Websites and Content: Regularly review competitors’ websites, blogs, and content offerings. Pay attention to changes in their product offerings, pricing, and messaging. Tools like Wayback Machine can help you track changes over time. Additionally, subscribing to competitor newsletters can provide insights into their marketing strategies and new initiatives.

4. Engage with Industry News and Reports: Industry publications, blogs, and newsletters are excellent sources of market trends and competitor activities. Websites like TechCrunch, Mashable, and industry-specific blogs often provide detailed analyses and insights. Subscribe to newsletters and set aside time each week to review the latest articles and reports.

5. Network with Industry Peers: Attend industry events--this includes virtual webinars and conferences. These are great opportunities to hear directly from thought leaders and peers about current trends and competitive landscape. Participating in these events can also help you build a network of contacts who can provide informal insights and share their perspectives.

   1. You can tap into these people down the road for specific questions and insights!

6. Review Publicly Available Financial Reports and Press Releases: For publicly traded companies, financial reports and press releases can provide a wealth of information about their performance, strategies, and market positioning. Websites like the SEC’s EDGAR database or the companies' investor relations pages are good starting points.

7. Analyze Customer Reviews and Feedback: Platforms like G2 and Capterra can provide insights into customer opinions about your competitors. Reading through reviews can highlight strengths and weaknesses of competitor products and services, and identify unmet needs in the market.

   Because of limited bandwidth, you need to focus on high impact areas. Prioritize your efforts on areas that are most likely to yield actionable insights. This might include tracking major competitors, key industry trends, and significant shifts in customer behavior. Focus on gathering information that directly impacts your strategic goals and can inform your decision-making process.