How to research your competitors for startup

In this post, we will discuss How to research your competitors for a startup. We will see in short, how to see and research your competitors.

How to research your competitors for startup-

Thoroughly Study Your Competition-

Make sure you thoroughly research competing products or services and keep up-to-date with the latest developments and announcements from competitors. One way to do this is to set up a Google alert to let you know when new information about those companies appears online.

Expect potential investors in your company to ask you questions about your competitors. Any entrepreneurs who say “we have no competitors” will have problems with loyalty. So expect these questions from investors:

• Who are the company's main competitors?
• What draw did the competitors get?
• What gives your company a competitive advantage?
• Compared to other companies, how do you compete in terms of price, features, and performance?
• What are the barriers to entry in your market?

How to conduct a competitive survey-

Information about competitors can be found from a variety of sources, but primarily through desk research and research.

Awareness - 

This means understanding how competitors are performing in the market. This includes visiting competitors' sales sites, visiting and ordering on their websites, and calling their customer service numbers. You can also check out their marketing materials and communication services as well as talk to their customers.

The goal is to learn how our competitor does things. What messages and channels do they use? How often and where do they advertise? What product price ranges do they use? What do customers like or dislike about them? Seriously, where they fix things, and where the opportunity to do things better.

Desk Survey - 

Access and read annual reports to estimate competitors' expense and income. Search for media releases and media coverage. Read interviews with their top employees to find clues on how they work. Visit the 'About Us' section of their website, or use knowledgeable social networking sites such as LinkedIn to identify their employees and get an idea of ​​the number of employees employed and their skills.

The aim is to create more concrete, evidence-based concrete analysis. How much money do they make? How much do they spend on advertising? What is their market share? It is also appropriate to perform a SWOT analysis, listing the strengths, strengths, and weaknesses of the competition, opportunities, and threats.