Striving for self-realization and financial stability, many young people are thinking about launching their own businesses while still being in college. Although this undertaking is quite challenging, it definitely has a wide range of perks.
Being a student entrepreneur, you gain a unique experience, lots of new skills, and knowledge that can come in handy in the future. And, if you do things right, your student startup can be the beginning of a long and fruitful entrepreneurial experience.
The main question is – how do you do everything right? There are plenty of resources and guides that can teach young people the basics of starting and running a business. But, even knowing these basics, there is still one important thing that many student entrepreneurs tend to overlook.
A competitive analysis is a crucial part of launching a startup. It is a complex and time-consuming activity that requires lots of research and dedication. But, starting a solid business without it is simply impossible. So, if you want to ensure success, delegate your papers to a trusted write my paper service now and use the time you saved to conduct a thorough competitive analysis for your future startup. And we are going to tell you what exactly you need to do!
Define the Key Competitors
As you can tell from its name, the core goal of a competitive analysis is to assess the experience and activities of companies within your niche to learn from them. Respectively, the first thing you will need to do is to identify your key competitors.
Before you begin, you need to know that there are two types of competitors:
- Direct. A brand or organization that offers the same type of service/product and has the same target audience as your startup.
- Indirect. A brand or organization that offers a similar type of service/product as your startup but has a different target audience. Or, it can also be a brand or organization that has the same target audience but offers a different type of service/product.
At this point, many inexperienced entrepreneurs make a big mistake. They focus their research solely on direct competitors. However, if you want to collect truly valuable and helpful data, you should study indirect competition as well.
Where to look for them? Typically, the easiest way to find your competitors is to use such sites as Crunchbase or Product Hunt. Use these websites to find as many different companies as possible and move on to the next stage.
Analyze Online Presence
Once you have a list of direct and indirect competitors, the first thing you want to analyze is their online presence. There is no secret that modern businesses are very tied up on the Internet. Today, building up a solid online presence is the key to getting your brand noticed. So, it shouldn’t be surprising to know that online presence is the first and most important aspect you should study.
So, what do you need to focus on? There are several things that you should focus on. First of all, study the websites of different companies. A website is basically an online business card of every organization, so it has a direct influence on the company’s success. When studying the websites of your competitors, pay attention to the ease of use, functionality, etc.
Secondly, you should check out social media accounts and blogs. These platforms play a key role in today’s digital marketing. Watch how other companies are engaging with their prospects and customers, what types of content they share, how active they are, etc.
Study Online Reviews
Whether buying products or services online or offline, modern consumers almost always tend to check the specific company’s reviews first. So, the next thing you want to research is customer feedback your competitors receive on the web.
To find online reviews, you can go to sites like Yelp, Google, or Facebook. Also, customer reviews can be found on specialized platforms like Clutch, G2, and similar. On these websites, you can find dozens of real testimonials about businesses you take an interest in.
Why do you need to study reviews? The answer is simple. Customer reviews posted on the web will tell you what customer experience each particular organization is providing. Also, by checking out businesses’ responses to negative comments, you will learn how your competitors handle dissatisfaction. All these things will help you identify the right level of customer service and experience that you want to be striving for in your startup.
Pro Tip: Apart from studying online reviews, it is also a good idea to talk to your competitors’ clients yourself. Talking directly to other brands’ customers will help you learn their needs and expectations better. You will also get a chance to learn what they liked and didn’t like in their experience with a certain company. Later, you will be able to use this data for your startup’s benefit.
Define the Key Strengths and Weaknesses
After collecting enough data, take some time to assess your competitors’ strategies. Identify what they’ve done right and where they still have weak points. The insights you will get in the process of this analysis will help you avoid common mistakes and create a business that stands out from the crowd.
Leverage Available Tools
If you are a young entrepreneur and this is your first startup, you might lack certain vital skills and resources. And this is okay! It is okay if you are not quite sure how to conduct effective research or if you have no resources to hire a professional. Luckily, today, there are plenty of tools that can help you out.
There are tools that allow you to identify the key competitors, track their activities, and analyze their outcomes. Such tools make the process simple and effort-free. Some of the most common options include SpyFu, SEMrush, Owletter, and BuzzSumo. And there are plenty of other similar tools.
By leveraging such software, young entrepreneurs can save plenty of their time and get their startups up and running. So, don’t neglect this tip!
That’s how a thorough competitive analysis is done. Use the tips from this guide to analyze your competition from A to Z and ensure success for your future startup. Good luck!
