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How can you show your advantage over competitors?
Many founders don’t nail their competition slides. This is primarily because they don’t know how to effectively compare themselves to their competitors.
Having a strong competition slide is key for numerous reasons:
It helps you establish that there is a strong and healthy market. If you have competitors, then there is consumer demand.
It shows investors why you will win.
That said, there are two primary ways to nail your competition slide…
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Quadrant - Using a quadrant to compare yourself to other companies based on a two-factor matrix is highly effective. Often, you can show how competitors offer one benefit or another, but you can offer both. Some competitors might be cheap, some might be high quality, but you can be cheap and high quality. This is especially effective when there are two primary criteria to compete on in your industry.
Checkmarks - Having a checklist of benefits that you and your competitors offer is an excellent way of comparing numerous companies across numerous factors. It also allows you to show the unique benefits and the combination of benefits that you offer.
These two methods are straightforward but effective. There isn’t a need to overcomplicate this slide.
Do you use one of these formats for your competition slide? |
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