| Personally looking at competition is HUGE for me. Here are my reasons that I look at competitors: - See the strengths and weaknesses of available products in the market, so that I can see where I can create something with a competitive edge. - To see competitors’ reviews and chatter. Those tell me where customers are feeling that their needs are underserved or poorly met. - For inspiration on creative ways to solve some of the problems that my customers are facing. - To see what positioning, language, and targeting is resonating with potential future customers, and view how that changes as customer needs evolve and technology improves. - For an understanding of existing flows, language, and behaviors expected in my market. (Some things don’t need “reinvention”, like filling out an invoice). - Before entering a new space, I look at competitors to map out the “blue ocean” of where my product(s) can drive value. - So that I can guide sales and marketing to show the value of our product and how it excels over other companies. - To see macro trends in the market when they start happening, as opposed to being surprised. |