Competetive Intelligence
The more you understand your competitors the better. Think of them of them as providing standard of excellence you need to surpass, as guinea pigs for new business strategies, as examples of alternative pathways to success (or failure) and as potential collaborators. A good way to begin your analysis (you are from academia after all) is to create a matrix to compare your company versus the competition in terms of price, positioning, gross margins, distribution channels and other relevant financial and qualitative comparisons. Ask yourself:
- How do they see the competitive landscape in 3-5 years?
- What are potential substitute products are my competition developing?
- Have any competitors recently changed their tactics with regards to how they market their products?
- How differentiated are the pricing models of my competitors?
- Do any competitors control assets you consider vital?
When you have isolated the most important differences between your competitor(s), write a case study about a particular customer who is not being served by the product/service of your competitors. For some businesses, there will be several customers and so several case studies. These case studies and the competitor matrix should be included in your business plan.
Furthur Information
- UF Library: Business Research Suggestions
- Hoover's Online: Brief Descriptions Of Companies, Financials, News, etc.
- Quicken: Charts And Graphs For Business Valuation
- Market Guide by Multex: Research Reports And Competitive Data
- Yahoo Finance: Market News And Information, And Business Sub-categories
- NERAC: Publications, Patents, Competitors For Purchase
