Competitive analysis is a method for evaluating how well your venture and the products or services you offer will perform compared to other ventures providing similar products or services. This assessment provides valuable insights into market trends, customer preferences, and potential gaps in the market that your venture could fill. By understanding the competitive landscape, you can define what makes your venture unique, clarify your value proposition, and make informed decisions about product development.

Research other competitors and solutions addressing your problem. Identify where your approach could create additional significant or sustainable impact for your target audience beyond that of competitors. Develop a detailed chart comparing factors like product features, pricing models, target audience, strengths and weaknesses, and value propositions.

• Don't just focus on your most direct and immediate competitors—instead, cast a wide net and consider indirect competitors in adjacent fields, potential future competitors, and alternative solutions to the problem you're solving. 
• Identify not just what you do differently, but how those differences translate to greater impact for your audience.
• Consider how you might collaborate with others in the space to create more unique or expansive products and services. 
• Deploy multiple research methods when conducting your analysis, such as online research (e.g., company websites, social media, news articles), customer reviews and feedback, industry reports and market analyses, interviews with industry experts or former employees of competitors, and first-hand user testing of competitors’ products or services.