We have competition. So you are aware of their presence. Great competition shows your respect and honesty; advantage and differentiation. You see your place in Quadrant (Gartner). So your vision in the long run and what customers want.
You must be able to:
- Identify competitors
- Analyze competitors: market location, products, marketing, sales, HR
- Identify competitors in the segment: Primary (direct), Medium, higher (indirect)
- Identify opportunities / threats: environment, internal (opportunities – at the right time, scenario – and what if …?)
Competitors map visualization plan
- Show the categories and areas of the market in which the competition takes place. (Will it be the same in the future?)
- Clear comparison by category with major competitors.
- Clear differentiation (you can include names and show clearly).
How to get more data about competitors?
Analyze personnel strategy, when (terms) and for which positions people were hired, what profiles, what previous experience, location
Product updates, fundraising, achievements
Also check out other social networks – Facebook, Twitter, etc.
Profiles of founders / advisors
The amount of capital raised in financing rounds
Patents / trademarks
Tracking tools (based on Google)
Key tasks: determine the meaning, be specific, compare the problems and benefits of customers, understand how you can solve these problems
It is important to focus on income, not waste.