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6.3: Competition Analysis

In addition to understanding your customers, you need to know what alternatives they have. Analyze your competitors and define your unique value proposition.

Learning Objectives:

  • Research existing solutions to the problems you are tackling. 
  • Analyze your competitors and hone in on what unique value you have to offer.

Part 6.4 Task List:

  1. Watch the video above to learn more about competition analysis.
  2. Explore the materials tab for extra resources.
  3. Complete the Competition Analysis Worksheet and submit the assignment as a PDF file.
  4. After completing the three tasks above, you are ready to move on to the Next Topic.

Hear from experts Joe Laurienti and Mike Roberts on how to assess your competition and differentiate your ideas.

Additional Resources:

💫 6.3 Competition Analysis Slides - Keep these slides handy as you identify your main competitors and make a plan to differentiate yourself.

Assignment:

  • 🌓 ASSIGNMENT: Competition Analysis Worksheet
  • Use your industry research to identify one direct and one indirect competitor for your business idea.
  • Complete the worksheet by breaking down each competitor and make note of what they do that appeals to their customers.
  • For each thing they do well, make sure to mention how you will differentiate yourself to be even more appealing to the customers.
  • Save the worksheet as a PDF file and submit using the assignment tool below.