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Define and Segment Your Competition

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Last updated 5/2022 English
Overview

Contrary to popular belief, your business should have plenty of competitors. Thriving competition shows you’ve pinpointed a viable market. Defining and segmenting your competitors helps you better articulate your company’s unique value, while reassuring investors that your offerings will fill an existing need others recognize as an opportunity. 

In this course, we’ll delve deep into the competition, with strategies for identifying and evaluating competitors and classifying them to discern where opportunities lie to fill gaps in the market.

Introduction

You want competition. Why? Having competition not only validates the market you're in but is an indicator of an established market — which is a risk-reducer from an investor's point of view. Embrace your competition. This overview covers the importance of evaluating the strengths, weaknesses and position of your competitors.

Defining and Tracking Your Competition

Most entrepreneurs completely forget to uncover their indirect competitors but we will make sure you know exactly how to identify these important competitors.

You are competing with so much more than just your direct competitors. We will teach you the important concept of wallet share and how to use it to your advantage. 

The competitive binder is one of the best tools you can use to keep up to date on every move your competitor makes. We will walk you through a sample competitive binder. 

If you don’t think you have competition, we will show you that you do. You want to know how to uncover your competitors.

Do you think you have too much competition? Let us solve that problem for you.  

Case Study

We will walk you through a great case study that shows step by step how to define and segment your competition.  

Worshop

Time to put pen to paper — or fingers to keyboard. Take a look inside the Prep Worksheet that prepares you to define and segment your competition for your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it — use this workshop and Prep Worksheet to do just that.

Course Guide

I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.

Testimonials
  1. I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
  2. Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
  3. Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
  4. Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
  5. I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
  6. So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
  7. This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore
What you'll learn
  1. Why do I need competitors?
  2. Which companies are my competitors?
  3. What if I can’t find any competitors — or what if my company has too many?
  4. Which categories do my competitors claim?
  5. How can I identify opportunities within those segments?