One of the first questions I often asks startups is about their competitors. Too often, the answer is “we don’t really have any competitors — no one else is doing what we do”.
Instead, the answer I love to hear is “what do you want to know?” When you’ve done your homework, then you are ready to tell me about direct, indirect, and even home-grown competitors. You can tell me what their strengths are today and what they can bring to bear to improve their position in the future. You can tell me when they win today and why you’re concerned about their ability to win tomorrow.
And you’ll be well on your way to telling me why your customers choose you instead of them.