Gathering information about your competitors will reveal to you possible strengths and weaknesses of your product or service. Important questions to consider are:
- How many competitors will/do you have for your product or service?
- What are the characteristics of the competing businesses? You may want to review your target market data or generate new market data for competitors.
- Are there possible indirect competitors that you have not considered?
- Who are your strongest competitors?
- Are their businesses growing? How much?
- In what ways do they differ from your business?
- In what ways are they similar?
- What are the strengths and weaknesses of four or five of your strongest competitors?
- How do you compare to these competitors on the same features and benefits?
It may be helpful to capture many of your answers about your competition in a table. If you would like to prepare your Analysis of the Competition using and excel spreadsheet, click continue
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