Analyze the competition

Taking a look at your competitors will distill what makes your business stand out and uniquely prepared to support your customers. Understanding your competitor's value prop is key to understanding how to position your own so that your company stands out above the rest.

*Source: Adam Alter, Professor at the Stern School of Business‍

Stand out against the competition

Now that your business goals and customer are fresh in your mind, it’s time to figure out what makes you stand out from your competition. Your customers might be looking at multiple service providers to fit their needs, and it is important that you have awareness of where your competitors fall short so that you can fill in the gaps.

A reminder that not every other person in your industry is a competitor, and often times they can be great collaborators on projects. Not every service provider is an antagonist to your business—but you do need to learn how to stand out. What other providers and companies are competing with you in your target market? 

Use the accompanying exercises in your workbook to think through the following questions:‍

• Who are your competitors? 

• What does the competition offer?

• What do you offer that your competitors don’t?

• What advantages do you have in your brand, tools, experiences, or something else?

• What are the goals or plans of the most direct competitors? Are they moving closer toward your same product/service offering or further away?

• Do you anticipate more competitors will emerge?

Congratulations! You’ve completed the final puzzle piece in your value proposition pie chart by analyzing your competition. Next, you’ll dig deeper into the overlap between your customers and your business so that you can begin crafting your value proposition.