You are ready to launch your business in a growing niche market. Out of the blue a friend sends you a link to a similar new product or service. After your initial shock, head over and evaluate the competition. Move into discovery mode and look under the hood of the competitor’s engine. That knowledge may add a creative spark to your thinking. Or it serves to confirm that you’re bringing an authentic solution for a customer want or need at precisely the right time.
Take a short drive and see what makes them tick. Scope out their website and metatags. Appraise how they tell their story. Are they solving the pain point in a novel way? If you compete in a new market segment with low barriers to entry, understand the incremental features and benefits promised. How does that compare to the “must have” features you learned in your customer discovery? Tap into their social networks and get a feel for their buzz.