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Business Development Services1
Who are your competitors?
Session 4
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Collect information about your competitors Research and analyze your competition Identify direct and indirect competitors List your product/service features and benefits Define your business’s unique value
proposition
Session objectives
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Your company
Competitor #2
Competitor #1
The Market Share Pie
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Who else is selling my product or service in this industry?
What makes my business different? How will my business stand out (be different) from the competition?
Goal: find your competition
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Knowing where your business is strong, and the other company is weak, can help you stand out in the industry.
Knowing where your competitor is strong, and you are weaker, can help you learn and improve the way you do business.
Why learn about your competitors?
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Direct competitors: businesses that offer similar products/services to yours. They are the most risky, and should be central to your research.
Indirect competitors: offer alternative products/services to yours. They may surprise you one day with a competing product!
Phantom competitors: forces outside your control that can have a big effect on business
Types of competitors
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Company websites and search engines Social networks Visit your competitors Google alerts Ask your customers…and ask them again! Survey existing or potential customers Conferences & trade shows Better Business Bureau
Where to find information
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Local market focus: may want to look at competitors within 50 km, if a restaurant, that might be a smaller area (15-20 km);
If in a bigger market (e.g. Manitoba) will need to look more broadly throughout the Province, and potentially to neighbouring provinces
Online: who else is selling online? Where do they show up in search rankings (e.g. Google)
Where to look
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Company details Target market Strengths/weaknesses Products/services Price Added benefits How do they reach customers? Features & benefits Unique value
Information on your competitors
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The amount of information you can find may be different for each competitor.
Don’t be discouraged if you can’t find all the information you need for every competitor.
Do check several of the potential sources just covered.
About competitors
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What is a product/service feature?
What is a product/service benefit?
Features & benefits
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Feature: what your product or service is or does. Least effective in selling.
A benefit explains what features mean and why they are important. Benefits tell your customers how your product or service features will solve their problems.
Features and benefits: definition
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10 megapixel camera Camera that shoots clear pictures, even
in action shots Gluten-free pizza Safe pizza for celiac customers Lightweight vacuum cleaner Vacuum that is easy to carry up stairs
Is it a feature or benefit?
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All-Natural Doggie TreatsFeatures Benefits
High quality, organic ingredients Health, longer life, doing what’s good for your dog
Safe for dogs with allergies or food sensitivities
Safety, decreased accidents or reactions to food, health and energy
Come in 10 flavours
Options for the fussy dog. Your dog will eat them!
Sold in biodegradable packages Safe for the environment, low waste
Sold in pet stores Convenience
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A promise of unique benefits that your product/services offers to your customers.
A few sentences long, includes your product features/benefits, and can apply to your entire business, or individual products or services.
A UVP answers 2 questions: How can your product/service solve my problem? Why should I buy from you and not someone else?
Unique Value Proposition
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Your UVP can be used to communicate your product/service’s value to: Customers Investors/lenders Potential partners Employees Suppliers
Unique Value Proposition
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For (target customers) Our product/service is a (details about
product/service) That provides (key problems that the product
or service solves for the customer) Unlike (another product/service)
UVP Formula
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