Competition Planning Mistakes in a Business Plan #2: Don’t Ignore
In a Business plan you need to consider three important aspects about your competition: 1) There is always a market you have to analyse. 2) You can learn a lot from your competitors strategy, value chain etc. 3) You have to position yourself and keep constantly an eye on your competition. If you ignore your competitors, it is a big mistake.
What you should do?
Make up your mind about your direct and indirect competition. Therefore it is important to analyse your target group. You need to be able to answer the following two questions:
- What services does your target group use?
- Who is solving their problem at the moment?
After you evaluated your competition you have to analyse them. Visit homepages, talk to them directly, meet customers, buy the product and test the quality. This will help you to create a benchmark analysis to understand your strengths and weaknesses. Conclude the results in a data tool and document the key points.
Analysis of Competition
In this chapter we recommend the most important points:
- Identify your Competitors
- Deep dive into top 5-10 competitors
- Swot analysis of competitors
- Identify Key Learning’s
- Become faster, simpler, better or stronger
If you have any questions, do not hesitate to contact our consultants. Visit our homepage Businessplanner and check how start-ups are analysed in detail.
