How can you identify and analyze competitors before pitching a product idea?

1 Define your market

The first step is to define your market and the problem you are solving. This will help you narrow down your search for competitors and focus on the most relevant ones. A market can be defined by various criteria, such as geography, industry, customer segment, or use case. A problem can be described by the pain points, needs, or goals of your target customers. For example, if your product is a mobile app that helps people track their fitness goals, your market could be the global fitness app industry, and your problem could be the lack of motivation, feedback, or personalization for users.

2 Find your direct and indirect competitors

The next step is to find your direct and indirect competitors. Direct competitors are those who offer a similar product or service that solves the same problem as yours. Indirect competitors are those who offer a different product or service that solves a related or alternative problem as yours. For example, if your product is a fitness app, your direct competitors could be other fitness apps, such as Fitbit, Strava, or Nike Run Club. Your indirect competitors could be other fitness products or services, such as wearable devices, online courses, or personal trainers.

3 Evaluate your competitors' strengths and weaknesses

The third step is to evaluate your competitors' strengths and weaknesses. This will help you understand how they deliver value to their customers, what they do well, and what they lack. You can use various sources of information to assess your competitors, such as their websites, social media, reviews, testimonials, or case studies. You can also use tools such as SWOT analysis, Porter's five forces, or value proposition canvas to organize your findings. For example, if your product is a fitness app, you might evaluate your competitors' features, design, pricing, customer service, or market share.

4 Differentiate your product and pitch

The final step is to differentiate your product and pitch. This will help you communicate how your product is better, faster, cheaper, or more convenient than your competitors. You can use various strategies to differentiate your product, such as emphasizing your unique selling points, highlighting your benefits and outcomes, or telling a compelling story. You can also use tools such as elevator pitch, value proposition statement, or pitch deck to structure your message. For example, if your product is a fitness app, you might differentiate your product by saying that it uses gamification, personalization, and social features to motivate users and help them achieve their fitness goals.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?