40. Competitor Product – Product MenuBy Roger Bryan
As stated many times before, in depth analysis of your competition goes a long way in determining the feasibility and efficacy of your business plan. If you plan to present your plan to a group of investors then make sure that you know exactly what the competition has on offer and how you plan to complement the current offerings. In this section, focus on the following aspects:
1) Products on Offer – Include the list of products that the competition has on offer that are related directly and indirectly to your business. Is the range broader than yours or shorter? Include details of the customer base that may overlap between the products which you plan to offer and your competition.
2) Market Share – Include details about the market share of each competitor and the strength of their standing over a period of time. Does the market share change too much too frequently? This could be a sign of un-established players on the market field which can be a big boost for your business plan and help woo the investors.
3) Weakness – Look into the complaints of the consumers with respect to the products being offered by the competition. However, it is not only the complaints that can form the basis of inherit weakness of competition products, there can be cases on un-tapped mini niche within a broader niche and your business plan can focus on tapping such segments in the market.
4) Strength – Include details about the resistance you are going to face due to competitor product menu. This can be due to overlapping of targeted consumers.