Competitive Analysis - CMU … · strongest competitor with most important features . Finally •...
Transcript of Competitive Analysis - CMU … · strongest competitor with most important features . Finally •...
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Competitive Analysis
Kit Needham
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Any way the customer
is solving the problem now is competition
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DIRECT vs INDIRECT
DIRECT – similar products and services
INDIRECT – solving same problem for same target market with a different product or service
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Who are Uber’s competitors?
Direct?
Indirect?
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Competitive Factors
What makes a customer choose one solution over another? Price – cheaper Service – faster, personalized, convenient Quality - lasts longer, stylish, tastes better
At most, you can only compete on 2 out of the 3
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Unfair Advantage
Core competency that cannot be copied or bought - Deep domain expertise (hospital systems) - One amazing hard thing (Google algorithm) - Authority (existing reputation in market) - Dream Team (previous startup success; rock
star)
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Templates for Analysis
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You Competitor 1 Competitor 2 Competitor 3 Competitor 4
Feature 1 Feature 2 Feature 3 Feature 4 Feature 5
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Examples of Features
• Price • Benefits • Quality • Durability • Image/style • Service • Warranties • Location • Convenience
• Ease of Use • # of features • Type of features • Wow factor • Location(s)
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Where do you find info
1. Customer Discovery interviews 2. Advertising 3. Sales Brochure 4. Newspapers/Magazines 5. Website 6. Online sites that rate products/services 7. Your business and professional network
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Other
• Research competitors that no longer are in business
• Research matrix will be messy; matrix for investment pitches are summaries of strongest competitor with most important features
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Finally
• Describe your competitive advantage
Benefits sell Features tell
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Examples
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Specialty analysis examples
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Positioning diagram but will still need a feature matrix analysis
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Works if there are only two main features/dimensions