Defining and Segmenting Competition Explained5 minAdd to My Watch List Expand buttonYou want competition. Why? Having competition not only validates the market you're in but is an indicator of an established market—which is a risk-reducer from an investor's point of view. Embrace your competition. This overview covers the importance of evaluating the strengths, weaknesses and position of your competitors.
Contrary to popular belief, your business should have plenty of competitors. Thriving competition shows you’ve pinpointed a viable market. Defining and segmenting your competitiors helps you better articulate your company’s unique value, while reassuring investors that your offerings will fill an existing need others recognize as an opportunity. In this learning stream, we’ll delve deep into the competition, with strategies for identifying and evaluating competitors and classifying them to discern where opportunities lie to fill gaps in the market.
You will learn:
- Why do I need competitors?
- Which companies are my competitiors?
- What if I can’t find any competitiors — or what if my company has too many?
- Which categories do my competitors claim?
- How can I identify opportunities within those segments?