Competitor Benchmarking

Beyond knowing what other local businesses, you are competing with, a good competitive analysis will point out competitors’ weaknesses that you can take advantage of. With this knowledge, you can differentiate yourself by offering products and services that fill gaps that competitors have not addressed.

Direct competition

These are companies that are offering very similar products and services. Your potential customers are probably currently buying from these companies.

Indirect competitors

Think of indirect competition as alternative solutions to the problem you are solving. This is particularly useful and important for companies that are inventing brand new products or services.

How you’re different

You don’t want to be the same as the competition. Make sure to discuss how your company, product, or service is different than what the competition is offering.

Barriers to entry

Describe what protections you have in place to prevent new companies from competing with you.



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