Google like a potential customer
Use search terms based on resolving the problem you are addressing, not how you are solving it. Use as wide a variety of search terms as possible.
List your competitors in a spreadsheet or CRM
Sanity check your market before you enter it
Whatever business you are planning, you will have competitors !
A competitor is any option your customers have that solves the same problem as you do.
If you think you don't have any competition you either deluding yourself or the problem you solve is not painful enough that people will pay to cure it.
Are your competitors thriving or struggling ?
What is the total addressable market size ?
Are your revenue projections realistic ?
What is the marketing investment needed to be heard above your rivals ?
Who do your competitors target ? With what messages ?
It might be a great idea, but is it a viable business proposition ?
These free tools and techniques can help you validate your market potential before you pour your heart, soul and life savings into a new venture.
IDENTIFY & RECORD YOUR COMPETITORS
Key word Search Linkedin UK
Use our UK centric free-text Linkedin search tool to enhance your list, gauge head-counts and identify key industry people to watch and follow. Look out for ex-employees looking for work to talk to and collaborate with.
COLLATE, ANALYSE AND COMPARE KEY DATA POINTS
Check Competitors Filings
Sites like Endole collate and present Companies House data so you can see the maturity of your market and how well the competition is performing financially
Check Competitors Web Stats
Sites such as Neil Patel's Ubersuggest let you see the web traffic and key word search terms of any company. The PPC Google Ads rates will give a good indication of the marketing effort required to become visible to your target audience. ( 3 free reports/day )
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Name |
URL | Founded |
Turnover |
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ABC Ltd |
abc.co.uk |
1997 | £1.23M |
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DEF Plc |
def.com | 1976 | £5.68M |
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GHI Ltd |
ghi.uk | 2019 | £25K |
The other significant insight your competitors will give you concerns your marketing strategy. Make a note on your spreadsheet of the themes and approaches they are using to engage with an audience and monitor ( using ubersuggest) which ones are working for them. Marketing will be one of your largest investments, the more you can learn from your peers, the fewer expensive mistakes you will make.
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” Sun Tzu
IMPORTANT
Be prepared to walk away from an idea that is either too weak to sustain a business or a market that is too expensive to compete effectively in.
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