You’re happy with the growth of your product, you’ve hired some employees, and you might even have a growing customer base or have received funding. You’re feeling happy with the progress you’ve made so far - even though it hasn’t been easy getting here. But, none of this matters if you’re living in a bubble and have no idea what’s going on in the start-up eat start-up world.
You have to stay in the loop about what’s going on in the industry around you - which company is offering which product, who just received millions of dollars to do what, who is expanding to which geographical market, and so on. Your competitors are out there and they want your customers.
Tens of thousands of businesses are started each year across the globe. No matter what product you have or what service you provide, you are going to have competition. Even if you’re the only bar in town, you’re going to have to compete with restaurants, liquor stores, corner shops, and other places where consumers can spend money instead of with your business.
Given that 90% of start-ups will fail (something that none of us like to think about), learning about your competition is something that has to be taken seriously. Checking out your competition could give you insights that change the way you do business, or change the perspective with which you view your competitors.
When examining your competition it’s important to look at both sides of the coin. Obviously, there are huge potential benefits to both looking at what they’re doing wrong and searching for missed business opportunities. In an ideal world you could find a huge demographic they’re missing, swoop in with your product, and create lifelong gung-ho customers loyal to your company.
But, you also need to look at what they’re doing right. They didn’t last this long by messing everything up. You can still learn from what your competition is excelling at. Do they have a great staff? Why? Do they offer a great training program or are they hiring key players in the field from somewhere? How do customers view your company compared to your competition? Is their product less expensive? Why? Maybe they have better connections and are able to get materials cheaper. Leave no stone unturned when checking out your competitors.
What Exactly Are They Selling? And, Who’s Buying?
By using Zirra, you can gain insights into the products and services your competition offers. You’ll get a glimpse of how their pricing compares to that of similar companies, how they’re actually making money, and what differentiates their product from similar companies. Discover the types of customers they’re targeting and see if they already have a large customer base. Find out if they have any new products in the works.
How does the company present themselves, how do they see themselves as standing out? What business model are they using? In the same line of thought, what issues are they having? What do the customer reviews say about the product or service? Does it have an enthusiastic die-hard customer base or are they simply using your competitor because they don’t know about you yet?
Zirra profiles and reports also give you links to the social media sites of the founders, key management, and the company itself. Use these to pick up interesting facts, and as a way to monitor the public’s sentiment about your competition.
Founders and Leaders
A driven leader can make all the difference in the success of a start-up. It’s important to be familiar with the people making deals, creating partnerships, finding investors, and driving innovation for your competition.
Zirra provides you with the information and resources you need to thoroughly check out your competition. Zirra gives you in-depth backgrounds on the founders’ career paths and of key management. You’ll be able to learn if they have experience founding companies, fundraising, or are experts in their field.
You will also be able to discover the caliber of talent the company attracts - and the backgrounds and specialties of their employees. Are a large percentage of employees coming to the start-up from a single company or are they right out of college? Perhaps they say they’re headquartered in San Francisco, but the majority of their workforce is in Bangalore.
Funding and Investors
With Zirra you’ll be able to gain insights into how a competitor is doing financially. How much money they have raised - and whether that money is from VCs, a crowdfunding campaign, or angel investors. You can find out who the investors are and explore their portfolios.
Has your competition had to raise funding to finance debts? Or did they recently complete a funding round in order to jump start a new product or a new division in a new geographical market? Knowing these insights will let you strategize to stay one step ahead of the game.
Additionally you’ll have access to the benchmarked valuations calculated according to Zirra’s algorithm. With access to Zirra’s benchmarked current valuation, benchmarked exit valuation, estimated exit window of opportunity, and the probability of a successful exit, you’ll have a thorough idea of where your competition is on their journey.
Stay on Top of Your Game
So, what’s your competition doing? Let us tell you. Don’t spending hours doing research, surveying product users, and writing up analyses, when we can do it for you. You’re busy running a company, managing employees, improving your product, dealing with clients, and courting investors. Why add yet another thing to your already overwhelming to-do list, when we can do it for you?
Check out your competition now at Zirra - it takes just seconds to search for a company. Zirra has hundreds of company profiles filled with insightful data, along with ratings and predictions calculated using a unique algorithm.
At Zirra, size doesn’t matter. In addition to having insights and analyses about large international companies such as Uber, AirBnB and their competitors, Zirra also has insights on smaller regional-specific companies. We’re happy to provide you with insights into any private company.
If we haven’t covered you or your competition yet - we’ll gladly do so for you within 24-48 hours. We’re on top of our game so that you can be on top of yours when it matters most.