What are recommended methods to stay updated on competitors' products and marketing approaches?

Day to day: If you can, use their products and dive in to understand value creation, segments, where they are investing, what their messaging is communicating, etc. Sign up for competitors' emails, blog posts, YouTube channels, and earnings calls, follow their leadership on LinkedIn for updates, and more to stay informed on their products, launches, and company news. In addition, sign up for newsletters and podcasts that follow the vertical to stay informed on trends. Reach out to your finance team to understand what resources and subscriptions they have to follow and learn more about companies for you to leverage as well (e.g. TechCrunch, etc.)

Quarterly recap: Capture competitor trends and updates in a “Quarterly Competitive Intel” report, that highlights industry trends, key launches, and developments by company, financials (partner with Corp Dev, Finance, and Investor Relations teams), and include recommendations. This last part is key, ensure that it just isn’t data you are sharing, but connect the dots to communicate the ‘so what’ or said another way ‘why this matters’. Develop a format that you can replicate for ease and consistency quarter over quarter. As with any GTM, think about the audience for the report, distribution, and measurement (feedback to continue to optimize it). 

As needed: Ensure competitive intel is top of mind in all your work. For instance, if you are refreshing a product's messaging and positioning, include a competitive assessment and recommendations. If the roadmap includes a new product / features, include a competitive assessment and recommendations.