If your wondering how to include a competition slide pitch deck you’re building, what to put in it, or if you even need one, then please keep reading. Utilizing a solid competition slide in a pitch deck, regardless of your niche or vertical, is very important and here’s why:
- Demonstrates Market Understanding: It shows potential investors or partners that you have a solid understanding of the market landscape. This understanding is essential for any business, as it indicates you are aware of your competition and how your product or service fits within the broader market.
- Highlights Unique Value Proposition (UVP): Comparing your offering with the competition allows you to clearly delineate what makes your product or service unique. This could be a unique feature, better pricing, superior quality, innovative technology, or a novel approach to solving a problem.
- Informs Strategic Positioning: Understanding your competition is key to positioning your offering effectively. It helps you identify gaps in the market that your business can fill, and tailor your marketing and sales strategies accordingly.
- Builds Credibility and Trust: Demonstrating that you have done your homework and understand your competitors lends credibility to your business proposal. It reassures investors and partners that you are making informed decisions.
- Provides a Benchmark for Success: Comparing your business with competitors gives potential investors an idea of what success could look like in terms of market share, growth potential, and revenue.
What to Include on a Competition Slide in a Pitch Deck:
- Direct and Indirect Competitors: Identify both direct competitors (who offer the same product/service) and indirect competitors (who offer alternative solutions to the same problem).
- Key Differentiators: Highlight what sets your product or service apart. This could be anything from pricing, quality, technology, customer service, to innovative business models.
- Market Share Analysis: Provide information on your competitors’ market share versus the potential market share for your business.
- Competitors’ Strengths and Weaknesses: Assess the strengths and weaknesses of your competitors. This analysis not only shows where you stand but also where there are opportunities for improvement or innovation.
- Pricing and Revenue Models: Compare your pricing strategy and revenue model with those of your competitors. This gives an idea of the financial viability and competitiveness of your business.
- Customer Feedback or Reviews: If applicable, include customer feedback or reviews that highlight areas where competitors are falling short and how your business can address these gaps.
- Strategic Advantages: Discuss any strategic advantages your business holds, such as location, partnerships, proprietary technology, or expert team members.
- Growth Trends and Industry Shifts: Mention any trends or shifts in the industry that might affect you and your competitors, and how you plan to adapt or take advantage of these changes.
A well-thought-out competition slide is an integral part of a pitch deck as it showcases your understanding of the market and your strategic positioning within it. It’s not only about knowing who your competitors are but also about demonstrating how your business plans to excel and innovate in the face of competition.
