28 Sep Rather Than Fearing the Competition, Here’s 5 Ways to Become Their Worst Nightmare
Many startups don’t do enough when it comes to competitive analysis. But, if your startup is going to succeed, than people (or companies) are going to have to choose your product over other available alternatives, including doing nothing. So, in my humble opinion, the ultimate question any Founder must ask themselves is: Why are customers going to choose to do business with us?
“As a leader, you’re always scanning the horizon for potential challenges and dangers ahead. And there’s one in particular that can shake even the most confident of executives to their core.
What if a brand new competitor were to open its doors tomorrow. One that quickly becomes highly profitable, drawing customers in droves and dominating the market share like no one else in your industry – including you. What’s worse, its leaders seem to know exactly how to navigate every obstacle and turn it into an advantage.
Feeling queasy yet? Take a few deep breaths, because we’re going to take an even closer look. As you answer these questions about this ‘perfect competitor’, you may want a pen and notepad by your side:”
1. What are they doing that you don’t?
2. What are they not doing, that you are?
3. Who do they employ?
4. What does the top team look like?
5. What do their customers say about them?
For more on all of this check out the complete source article.