Identifying Competitors Through Market Research

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In researching a market segment for launching a startup, identifying competitors is a key component of the work.

Competitors tell you a great deal about the customers, challenges, and composition of the market.

To find the competitors approach the market as a prospective customer and search for solutions online.

This includes searching both the web and social media for a solution to one of the problems you’ve identified in the market.

Capture the results in a competitor map.

In reviewing competitors look for their positioning in the market.

Are they trying to be a differentiated solution or the lowest cost?

This will help define the careabouts of the market.

Map out the value chain of the market and notice where customers and competitors sit.

In a value chain, there are often multiple customers one could pursue.

Look where the competitors are clustered and where they are not.

Check the competition's business model by how they make money.

Examine the amount of money each type of customer has to spend.

Compare the competitor map with the value chain map to see where opportunities may lie.

Look for open spaces that no competitors are directly targeting.

Capture the results in a value chain and competitor map.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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