Checking Out Your Competition

Topic: Analysis, Competition, Market Intelligence|

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Good morning Startup Students! Today we’ll be discussing ways to gather intelligence on your competitors. This can be useful in a variety of ways such as identifying cutomer habits, picking up on competitor workflow processes, and so on. With such fierce competition in todays market along with ever changing consumer opinions, it’s imperative that you stay one step ahead of your competition.

Quickly, here are some things to think about when checking out your competition.

  • Remember that your competition is not necessarily who you think it is
  • Your customers determine who the competition is by patronizing those establishments
  • Be sure to broadly define your competition at the start, and carefully move inwards through the industry to determine all competitors.

And now for a few pointers on checking out your competition:

  • Pretend to be a customer
  • Talk to the business owners and find out as much as you can from them
  • Talk to their customer’s and get a feel for why they utilize your competitors service or product
  • There are tons of great resources out there, so use them! Internet, public filings, local libraries, etc.
  • Go to industry trade shows, seminars, and conferences
  • Complete a competitive matrix, similar to this

That’s all for today, if you have any questions or comments, don’t forget to post them. Class dismissed.

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