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Identifying Competitors Through Market Research Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In researching a market segment for launching a startup, identifying competitors is a key component of the work. Competitors tell you a great deal about the customers, challenges, and composition of the market. To find the competitors approach the market as a prospective customer and search for solutions online. This includes searching both the web and social media for a solution to one of the problems you\u2019ve identified in the market. Capture the results in a competitor map. In reviewing competitors look for their positioning in the market.\xa0 Are they trying to be a differentiated solution or the lowest cost? This will help define the careabouts of the market. Map out the value chain of the market and notice where customers and competitors sit. In a value chain, there are often multiple customers one could pursue.\xa0 Look where the competitors are clustered and where they are not. Check the competition's business model by how they make money. Examine the amount of money each type of customer has to spend. Compare the competitor map with the value chain map to see where opportunities may lie. Look for open spaces that no competitors are directly targeting.\xa0\xa0 Capture the results in a value chain and competitor map. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .