Who else serves these customers.
WHAT TO ESTABLISH
Who they are What they offer What they charge Who they serve What they do well What they do badly
WHO COUNTS AS A COMPETITOR
Anyone the customer might choose instead.
WHAT THAT INCLUDES
Direct alternatives Different approaches to the same problem Doing nothing Doing it manually
WHY DOING NOTHING COUNTS
It is the most common alternative, and it wins most often.
HOW TO RESEARCH THEM
Their website and materials Their pricing, where published Reviews of them Customers who considered them Using their product, where possible
WHAT REVIEWS REVEAL
What customers value and what frustrates them.
WHERE TO LOOK
Public review platforms, forums and social channels.
WHAT TO READ CAREFULLY
Negative reviews.
WHY
They describe unmet needs, which is where opportunity is.
WHAT TO ASK YOUR OWN CUSTOMERS
Who else they considered, and why they chose you.
WHAT TO ASK LOST PROSPECTS
Who they chose and why.
WHAT TO RECORD
A simple comparison, updated periodically.
WHAT TO AVOID
Copying competitors Assuming their choices are considered Competing on the same terms
WHY
You cannot win by being a worse version of someone else.
WHAT TO LOOK FOR
Customers everyone is ignoring.
