“It is nice to have valid competition; it pushes you to do better.”
– Gianni Versace
Welcome to Module 5: Competition
A thorough review and analysis of the competition will validate the uniqueness and potential for your new concept. The goal of the competitive analysis is to understand what is currently available in the market in order to position your concept to rise above the crowd. Identifying competitor strengths and weaknesses will allow you to develop plans and strategies to take advantage of opportunities and best position you for success.
A detailed understanding of your competition is of great importance as you build your business. You can take a very analytical approach when looking at what your competition is offering to your potential customers. The first step in this process is to take a detailed look at the market and identify the competition. Once you know who they are, gather data on their products and services in order to analyze what they do well and what they do not do well (review their strengths and weaknesses). This will help you to position your offering relative to the competition. It will also be useful to research market share, how they promote products and services, who is growing and why, and how the market is changing (trends). Gathering this intelligence will provide you with the information needed to determine where the competition is most vulnerable and how you can position your offering to take advantage of market opportunities.
A comprehensive review of the Competition includes the following:
- Competitors are easy to identify
- You have gathered details on competitive offerings in order to identify strengths and weaknesses
- Competitor analysis has resulted in the identification of tangible opportunities for your concept to enter the market and win customers
- Your offering can easily be positioned as different and better
- This advantage is easy to promote and is sustainable over time
- Market trends are favorable (i.e. growing, new innovations exist, competitors are vulnerable)
If you haven’t already downloaded the the StartUp BreakDown template, I recommend you do so right away. This fillable form will allow you to take the lessons from each of our 8 modules and apply them to your business idea. By the end of the course you will have created a customized business summary and analysis for your concept which will put you on the path to success!
— Craig Markovitz
Click to download your very own StartUp BreakDown template. Take the lessons from these 8 modules and apply them to a framework for your business or idea!