As entrepreneurs it’s easy to get caught up in the excitement of a new idea, without paying due respect to the competition. There is a tendency to think of our product as the “only one of it’s kind” and in a market, “where no one else is playing”.
Rarely is this true, but that doesn’t mean the business isn’t viable. Realistically it should be encouraging, as it demonstrates there’s already a demand for the product or service you’re about to deliver.
Competitors also provide a rich source of information about the market you’re about to enter and allow you to assess the strengths and weaknesses of existing offerings and business models in this market.
StartUP Marketing work with clients to conduct a holistic overview of competitors and the competitive landscape for each clients business.
Important questions we answer:
- Who are your competitors?
- What customer needs and preferences are you competing to meet?
- What are the similarities and differences between their products/services and yours?
- What are the strengths and weaknesses of each of their products and services?
- How do their prices compare to yours?
- How are they doing overall?
- How do you plan to compete? Offer better quality services? Lower prices? More support? Easier access to services?
- How are you uniquely suited to compete with them?
