Here's how you can evaluate the competitive landscape in an entrepreneurial industry.

Creating a visual representation of where each competitor stands provides a clear understanding of the market structure. Identify direct competitors offering similar products to the same customer base, indirect competitors providing alternative solutions, and emerging competitors with innovative models. Assess market leaders with significant share, challengers aiming to grow, niche players focusing on specific segments, and followers adhering to trends. Analyze the range, quality, and pricing of products. Understand target demographics by looking at customer segments, geographic focus, and customer loyalty strategies.

Market mapping is essential for understanding the competitive landscape. By categorizing industry players based on market share, product offerings, and target demographics, you create a visual representation of the market structure. This helps identify gaps to exploit and areas of intense competition. Ultimately, market mapping provides actionable insights, guiding organizations to pinpoint opportunities and make informed strategic decisions.

El mapeo de mercado me gusta abordarlo bajo el enfoque de Jobs to be done. Esto implica identificar no solo a los competidores directos, sino también a todas las alternativas que los clientes usan para cumplir con sus "jobs" e intenciones de progreso en lo que uno busca resolver con su producto o servicio. Esto incluye productos sustitutos, soluciones caseras, métodos tradicionales e incluso, otras alternativas que no se considerarían competencia en un contexto común. Mapear el mercado desde esta perspectiva te ayuda a entender cómo los clientes realmente resuelven sus problemas y qué opciones consideran. Este enfoque revela oportunidades ocultas y nichos desatendidos, permitiendo una visión más completa y precisa de la competencia.

To creatively evaluate the competitive landscape in your industry, start by meticulously mapping competitors based on their market shares, positions, strengths, weaknesses, influence, &strategic moves. Conduct a thorough competitive audit, examining their product portfolios, pricing strategies, marketing tactics, and customer feedback. Delve into SWOT analyses to understand each competitor’s opportunities and threats. Engage in informal networking and industry forums to gather insider insights and emerging trends. Develop a dynamic visual representation of the market, including a heat map of competitive intensity and strategic positioning. Employ scenario planning and simulations to anticipate future market shifts and competitor responses.

An example of how to make competition mapping: - define parameters - define your target market(TM) - determine the key players in the TM - extensively gather data about the competitor's businesses (this may take time and it is fine) - ensure that the data is updated regularly - create a matrix of their strengths and weaknesses - create a chart/table where you can have advantage over other businesses - find a niche/usp where you can outsell others - understand their strategies, their reasoning behind such strategies, their flaws and outcomes (very important as you can skip reinventing the wheels) - keep a regular check and update metrics

Conducting a thorough competitor analysis involves examining your rivals' strategies, strengths, and weaknesses. Look into their marketing tactics, product quality, customer service, and pricing. This deeper understanding reveals opportunities for differentiation and helps anticipate competitors' moves. The goal isn't to copy but to find a unique angle that sets your business apart.

Companies tend to be egocentric when devising their USP - the main fail there being a perception that "we are new, innovative and unique". There needs to be a sparring session of Co leadership and outside participants (experts, target group...) which will provide feedback on USP in a non-emotional way. Internal worshops with employees tend to be somewhat biased (not wanting to go against management ideas ie not to compromise their jobs etc).

Uma análise que contribui bastante para análise da concorrência e muitas vezes é neglicenciada é o posicionamento on-line da concorrência. Ferramentas que analisam público, alcance, engajamento, anúncios e principais abordagens utilizadas pela concorrência auxiliarão na decisão de como posicionar seu negócio nesse ambiente tão competitivo.

It’s crucial to leverage tools like Porter’s Five Forces to assess competitive pressures, including the threat of new entrants and the bargaining power of customers and suppliers. Evaluate competitor financials if accessible, and consider customer reviews and feedback for real-world insights. Utilise benchmarking to measure your performance against top competitors, and stay agile by continually reassessing your market position. This multifaceted approach not only identifies differentiation opportunities but also fosters a proactive strategy in anticipating and responding to market changes, ensuring sustained competitive advantage.

It's essential to understand the needs and requirements of your ideal paying customers and what they prefer about the competition compared to you. Online surveys are a great start, but it also helps to drill down further and have one-on-one interviews or small focus groups. This is where you often get the really detailed and honest feedback. This will help you clearly map out your unique selling points to capture the market share you're seeking.

This should be part of every advancement. Contact users, ask them what makes your competitor's products/services valid alternatives to your offerings. Ask, listen, reflect, act.

I always look at the negative feedback of the incumbents available online. That not only helps me find the possible pain points of customers but also makes me experience the product/service without spending for it initially.

Understanding the competitive landscape starts with truly listening to your customers. Pay attention to their feedback about your competitors—their likes, dislikes, and desires. Use tools like surveys, social media listening, and direct conversations to gather these insights. By seeing the industry through your customers' eyes, you can fine-tune your products or services to better meet their needs. This approach not only helps you stand out but also builds lasting customer loyalty, giving you a competitive edge.

Gathering customer insights is an essential component of evaluating the competitive landscape. Listen to what customers are saying about your competitors—what they love, what they dislike, and what they wish was different. Use surveys, social media listening tools, and direct feedback to collect this valuable information. By understanding the customer's perspective, you can tailor your offerings to better meet their needs and preferences, ultimately winning their loyalty. Consider leveraging data analytics to identify patterns and trends in customer behaviour. This can provide deeper insights into their decision-making processes and preferences.

An important thing to remember is if you're getting to know about the industry through YouTube/TikTok/Instagram, it's most likely too late. But it also means that the barriers to entry are relatively low.

One thing I've found helpful is staying abreast of industry trends to maintain a competitive edge. Keeping an eye on emerging technologies, shifting consumer behaviors, and regulatory changes is crucial. Being among the first to adopt new trends or adapt to changes can position your business as a leader rather than a follower. This proactive approach not only establishes your business as an industry leader but also helps you avoid being blindsided by changes that could disrupt your business model.

Let’s not forget, staying ahead of trends isn’t just about hard work; it’s about having a bit of fun too! Imagine showing off the latest tech before your competitors even know it exists – you’ll feel like a business superhero. So, embrace the changes, stay curious, and remember: the early bird catches the worm, but the second mouse gets the cheese. Keep your eyes open, adapt quickly, and enjoy the journey to the top.

Staying informed about industry trends is crucial for businesses. By monitoring emerging technologies, consumer behavior shifts, and regulatory changes, companies can position themselves as leaders rather than followers. Being proactive in adopting new trends or adapting to changes helps prevent unexpected disruptions to the business model.

Collaboration over competition, learn from those doing it well…find your niche and own it…then connect and open doors for others.

Sounds over-said; but focussing on your “why” will always prevent you from having to explain other areas of your business. It is true that people buy from people, but that is only when the “people” are a daily reinforcement of the global why behind why the business exists.

Once we mapped the battle field and we understood our competition deeply, we can decide based on SWOT analysis our own pros and cons. And based on the above, we can decide on where to position ourselves in the battle field. Our position will dictate our strategies, tactics and must win battles.

Strategic positioning is crucial for businesses. It involves defining how you want your business to be perceived in the marketplace. Craft a unique value proposition that resonates with your target audience. Consider what sets your business apart—whether it’s exceptional customer service, innovative products, or a compelling brand story. By clearly defining your positioning, you align all aspects of your business with this vision, appealing to the customers you want to attract.

It covers several key steps: market mapping, which involves identifying and categorizing competitors; competitor analysis, examining rivals’ strategies, strengths, and weaknesses; customer insights, gathering feedback to understand customer needs; industry trends, keeping up with new technologies and regulatory changes; strategic positioning, defining a unique value proposition; and resource allocation, focusing on strategies that provide a competitive advantage.

After the long journey of mapping the market and deciding on our position within competition, and we landed on our strategies, we are now ready to allocate resources (being financial, capital, human and automation) and make the best use of them to drive our KPI'S.

It’s sometimes easier to realise that the 80:20 principle applies in building a startup as much as it does in other areas where one is optimising for results with limited resources. In the case of a startup: 80% of your impact is likely to come from: - Your Product - Your Team - Your distribution In the early-stages, if you are able to allocate resources disproportionately to these buckets - you can rest in the knowledge you prioritised correctly.

Start by identifying your direct and indirect competitors. Research their products, services, market positioning, and target audiences. Analyze their strengths and weaknesses, looking at factors like pricing, quality, customer service, and innovation. Monitor their marketing strategies and customer reviews to understand their reputation and customer satisfaction levels. Use tools like SWOT analysis to compare your business against competitors. Stay updated on industry trends and changes, and engage with industry reports and market research. This type of analysis will help you understand your position in the market and identify opportunities for differentiation and growth.

Consider looking beyond your direct competitors. It's also important to find out about new companies that might change the game, like those using cool new technology. You should also think about what customers might want in the future and how their lives might change. Plus, pay attention to what the government is doing, as new rules can affect your business. Lastly, look at the companies you work with and how they might help or hurt you. By looking at the big picture, you can spot chances to be successful before others do.

One should be forming benchmarks to know the business landscape properly. Benchmarking is like a health check-up for your business, showing you how you stack up against the competition and where you can improve. Tools like financial ratios, key performance indicators (KPIs), and customer satisfaction surveys can help with this comparison. For example, if you own a clothing store, you might compare your sales per square foot, customer footfall, and inventory turnover with those of successful stores in your city. If you find that competitors have better inventory management, you might study their supply chain practices and adopt similar strategies to improve your own stock levels and reduce costs.

To evaluate your competitive landscape, you first need to identify your competitors. Here's how to do it: • Begin with a simple Google search of your industry keywords to see who ranks high. • Use social platforms to discover which brands are active and engaging with your target audience. • Follow industry-related blogs and news sites to see who is frequently mentioned or featured. • Ask your customers who they have considered or used before discovering your brand.

Mapear Jornada do Cliente Entender toda a jornada do cliente desde o momento da consciência sobre a necessidade até a tomada de decisão de compra irá te dar insights valiosos sobre quais canais esse público é impactado, de que forma eles se interessam pelo produto, em quais etapas ele possui mais dificuldade e quais são os critérios para decisão de compra. Com isso você poderá ajustar seu modelo de negócio e posicionamento de forma adequada.