{"id":745,"date":"2019-10-10T17:00:28","date_gmt":"2019-10-10T11:30:28","guid":{"rendered":"https:\/\/www.hestabit.com\/blog\/?p=745"},"modified":"2021-10-14T13:21:41","modified_gmt":"2021-10-14T07:51:41","slug":"how-to-do-competitor-analysis-for-startups","status":"publish","type":"post","link":"https:\/\/www.hestabit.com\/blog\/how-to-do-competitor-analysis-for-startups\/","title":{"rendered":"The Third Leg Of Startup Ideation: Competitive Analysis"},"content":{"rendered":"

Jack Ma once famously said <\/span>\u201cYou should learn from your competitor, but never copy. Copy and you die.\u201d<\/i><\/strong><\/p>\n

Well, it seems to be a wise approach. But how can you follow this approach and still beat your competition?<\/span><\/p>\n

It\u2019s a myth that by only building a superior product, you can outperform your competitor websites\/products. So for starters, just break that myth. <\/span><\/p>\n

If you indulge in competitive analysis during the ideation phase of your startup, you will realize the significance of branding a product. <\/span><\/p>\n

In his book \u2018Brand Against The Machine\u2019<\/strong>, John Morgan has said:<\/span><\/p>\n

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Branding is not just about being seen as better than the competition. It\u2019s about being seen as the only solution to your audience\u2019s problem.<\/strong><\/p>\n<\/blockquote>\n

You need to observe your competitor\u2019s branding strategies from close quarters. Not just that, you must compile and mine data related to your competitor\u2019s background, finances, marketing facilities, target audience, and corporate strategies. <\/span><\/p>\n

There are traditional ways to perform competitor mapping, such as conducting focus groups to assess consumers\u2019 views on your product as well as on your competitor\u2019s. <\/span><\/p>\n

Competitive Value Proposition Analysis <\/strong><\/h2>\n

After leaving a website<\/a>, a prominent question that people ask themselves is \u201cIs there a competitive advantage related to this product?<\/span><\/p>\n

When they leave a website, all they think about is the product\u2019s \u2018Selling Point\u2019. <\/strong><\/span><\/p>\n

Therefore, you need to create a differential to mark a unique space for yourself. But for that, you need to understand the positioning of your competitors<\/span><\/p>\n

You can zero in on your value proposition if you chart out the POP, POD, and POI.<\/strong> Don\u2019t worry, \u00a0we are not talking rocket science here.<\/span><\/p>\n