Competitor Analysis

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?