But I Don’t Have Any Competitors!

Written by  Linda Hale

What do you think when your advisor asks you to identify your competition? 
If you are like me, the first impulse is to say, "I don't have any competition," or "I'm solving a unique problem, so there is no competition"  

When I was asked this question about my continuing education startup, I thought it was a trap.  
The advisor was trying to kill my dream by showing me that I'd never compete in a crowded market. He clearly didn’t understand my technology. (…sound familiar?) 

I wasn't planning to compete with the existing schools and providers. I was creating a whole new platform that would change continuing education as we know it. 
The current solutions were stale and uninspired. The current solutions were low-tech and irrelevant. My industry Needed my technology to shake things up and inspire attendees to actually Listen and Participate in their professional education. (…sound more familiar?) 
I didn't realize at the time that my “no competition” argument actually proved that competition exists. Continuing education is a requirement for professionals in my industry and they are clearly fulfilling their CE requirements somehow. 
​
If my startup was going to improve on the current solution… I needed to understand "how the problem is solved today" to truly differentiate my product from the existing solutions. 

I didn't realize at the time that my “no competition” argument actually proved that competition exists. 

How Is The Problem Solved Today?

You've probably spent some time identifying a problem, figuring out who has the problem, and articulating your solution. (If not, check out these articles…)  
Let’s Talk About Vision, Mission And Value Statement - UARF (uakronuarf.com) 
All Categories - UARF (uakronuarf.com)  
 
Now it's time to dive into "how is the problem solved today." 
The current solution may be complicated. The current solution may be expensive. The customer may choose to ignore the problem. The customer may not even realize that they have a problem, but your customer is solving the problem today – or there is no problem to solve. 
 
Try out this exercise: 

1. Think about the problem your product solves or need that it fulfills. 
   

1. Now, identify at least 3 current solutions to that problem/need (not just three phone apps, or products, or technologies, but three different ways that your customer solves the problem or fulfills the need today) Make sure to include “doing nothing” if it’s an option. 
   

1. And finally, I want you to think about why those solutions fail. 
   

 
For example: 
Uber wanted to provide transportation services to people  
Competitors at the time included: 

• Driving yourself  
  

• Failures include: access to parking, driving while intoxicated, no car, no license 
  

• Taking a taxi  
  

• Failures include: hard to book/schedule, expensive, can't cross county lines, dirty/smelly 
  

• Using public transportation  
  

• Failures include: limited hours, limited pick-up locations, multiple stops/slow 
  

• Not going anywhere  
  

• Failures include: not always feasible, boring, sad… 
  
  
  

Your customer is solving the problem today – or there is no problem to solve 

What Makes Your Solution Better? 

Now that you have identified how the problem is solved today and the failure of current solutions, you can delve into what differentiates your solution from the competition. Or simply, what makes your solution better. ​

You don't need to address all the failures in one sitting. There's time for that later.  

Exercise 

1. Pick 2-3 things that your product or service will do better than the competition. 
   

Sticking with the Uber example –  

• On-demand booking 
  
• Pick up from anywhere 
  

• No parking hassles 
  
  
  

If you don’t know your competition, then you can’t explain what makes your solution better 


Now that you've given some thought to how the problem is solved today, you will be able to answer the question "who is your competition" with ease and then confidently explain what makes your solution better. 
 
Want to learn more about how to differentiate your product from the competition – reach out to me directly [email protected] or our website to learn which of our startup programs is right for you.  
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