NYU Startup School: Sizing Up Your Market & Competition
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As a startup founder, there are a few key questions you should be asking before you get too far into building your venture that will help you evaluate whether it's worth the investment of your time and resources. Things like: how big of an opportunity is this? Who else is trying to address this opportunity? How will our startup be different from the competition? Learn about how to get the answers to these, and other critical questions that will help you assess the opportunity.
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NYU Startup School: Sizing Up Your Market & Competition
- 1. @NYUEntrepreneur Sizing up your market and competition Jerry Hao 1
- 4. @NYUEntrepreneur4 Generic Strategies You have limited scale and resources
- 5. @NYUEntrepreneur5 Generic Strategies So you don’t have a cost advantage and can’t go after the whole industry
- 6. @NYUEntrepreneur6 Focused + Differentiated But you can uniquely provide value to an underserved market segment
- 7. @NYUEntrepreneur “The essence of strategy is choosing what not to do.” Michael Porter 7
- 8. @NYUEntrepreneur 3 Steps to Follow 1. Know your initial customer and value proposition 2. Develop your understanding of the market 3. Invest strategically 8 Focus Differentiation
- 9. @NYUEntrepreneur Step 1: Know your initial customer and value proposition What problem do you solve? (Unmet needs) Who needs/wants your solution the most? (Underserved customers)
- 11. @NYUEntrepreneur Customer Archetype Profile Describe the person: name, age, relevant personal infoImage Jobs To Be Done Existing Solutions How They Buy Pains Gains Influencers Barriers
- 13. @NYUEntrepreneur TOTAL Initial Target Customer Segment Criteria List ≧3 potential customer segments you believe are most likely to be your early adopters/enthusiasts Across the top row. List ≧5 criteria (excluding market size) you believe will determine your success in the left column. Honestly rate how you can serve each segment today on a scale of 1 to 3, where 3 is best. The segment with the highest total score goes into the Customer Segments box on your Business Model Canvas.
- 14. @NYUEntrepreneur Step 2: Develop your understanding of the market Who else solves this problem and how? (Competitors and substitutes) What are their business models? (Competitors’ Business Model Canvas) How much are customers spending to solve the problem? (Market size)
- 15. @NYUEntrepreneur15 Search for a solution Market immersion Ecosystem Industry terms Recent news/issues How would you find a solution to this problem?
- 16. @NYUEntrepreneur16 Search volume and terms Awareness/intent Related terms Competitiveness Mobile searches How many people are looking for solutions? What words would your customers use?
- 17. @NYUEntrepreneur17 Research reports Market research Industry trends Major players Adjacent markets
- 18. @NYUEntrepreneur18 Media coverage Competitors Business models Past failures Investors
- 19. @NYUEntrepreneur19 Blogosphere Trending topics Shareworthy topics Influential sites Influential people
- 20. @NYUEntrepreneur20 Trends over time Awareness/intent Competitor growth Related searches Seasonality
- 23. @NYUEntrepreneur23 Digital communities Interviews Topics of interest Past conversations Customers
- 24. @NYUEntrepreneur24 IRL Communities Interviews Topics of interest Past conversations Customers
- 25. @NYUEntrepreneur25 Talk to experts Top challenges Insider perspective Trends Priorities What do insiders think?
- 26. @NYUEntrepreneur26 Think broadly about competitors 1. Tries to solve the same problem AND/OR 2. Takes away time, money, or attention your customers would have otherwise spent on you • Substitutes • Complements
- 27. @NYUEntrepreneur Starbucks competitors Brands Product types Needs/Value Props Customer segments
- 28. @NYUEntrepreneur
- 29. @NYUEntrepreneur29 Get fit Body Toning Clothing Gyms & Fitness Programs Wearable Fitness Devices Fitness apparel Home Fitness Competitors Potential channels Potential partners Expansion opportunities -> Peak performance
- 31. @NYUEntrepreneur Petal DiagramWhat are the top 5 adjacent markets of competitors, substitutes, or complements where your target customers are looking, using, and buying solutions to their problem? How are these alternatives suboptimal relative to your solution?
- 33. @NYUEntrepreneur33 Top Down Market Size $10 gazillion market Everybody eats! The global food market is massive! Even if we take .0001% of this market…
- 34. @NYUEntrepreneur Where will you focus your time and money?
- 35. @NYUEntrepreneur Workshop: Qualify and Quantify your market size
- 36. @NYUEntrepreneur36 Food delivery TAM 200M Americans between 18-65 x Avg 10 days/yr getting lunch delivered x $10 average spent on lunch How much do people spend on food delivery? $20bn/yr total available market Numbers are not real!
- 37. @NYUEntrepreneur37 Food delivery SAM How much is spent on food delivery thru iPhones right now? $800m/yr serviceable available market $20bn Opportunity x 80% smartphone penetration X 10% ordering lunch on phone x 50% on iPhone $800m 200M Americans between 18-65 ~10 days/year on lunch delivery $10 average lunch spend
- 38. @NYUEntrepreneur38 Food delivery SOM Initial target market $800M SAM X 0.5% of US working in Manhattan below 59th St How many of those people can I target right now? $4m/yr serviceable obtainable market 200M Americans between 18-65 ~10 days/year ordering lunch $10 average lunch spend 80% smartphone penetration 10% ordering lunch on phone 50% on iPhone
- 39. @NYUEntrepreneur How will your SOM get you to your SAM?
- 40. @NYUEntrepreneur40 Total Available Market Every potential customer x Avg # of purchases made annually x Avg price of each purchase TAM tells us how big the pie is How many potential customers exist and how much would they spend? How much is currently spent trying to solve the problem each year? What’s the big vision?
- 41. @NYUEntrepreneur41 Serviceable Available Market SAM tells us how big your slice of the market is Who would buy your solution now, given your existing business model? Who will want a half-baked product from a small team with no money? What are you focused on right now to set you up for TAM? Serviceable customers x Avg # of purchase made annually x Avg price of each purchase
- 42. @NYUEntrepreneur42 Serviceable Obtainable Market Initial target market Expected Revenue for first 1-2 years SOM tells us how much you can bite off right now How many people can/should you target right now? Who are you going to sell to in year 1 and 2? Who are you targeting to set you up for SAM?
- 43. @NYUEntrepreneur Step 3: Invest strategically Why aren’t competitors solving the problem well enough? (TAMS) How are you (or can you become) meaningfully different? (2x2/Positioning) Why can’t they solve it this way too? (Competitive advantage)
- 44. @NYUEntrepreneur Petal Diagram How are alternatives suboptimal relative to your solution? What makes you a meaningfully different/better solution? Time Access Money Skill
- 45. @NYUEntrepreneur45 2x2: Top 2 Differentiators
- 46. @NYUEntrepreneur46 Positioning statement For (target customer) who (has this need) we are a (category) that (has these key benefits) unlike (competitors), we (have these differentiators) BMC BMC Petal BMC/Petal Petal Petal/2x2
- 47. @NYUEntrepreneur “…First dominate a specific niche and then scale to adjacent markets...” - Peter Thiel
- 48. @NYUEntrepreneur48 Competitive advantage Something you are (or become) good at that: 1. Creates value for customers 2. Can’t be copied by competitors
- 49. @NYUEntrepreneur49 Advantages arise from Shifting input costs or availability
- 50. @NYUEntrepreneur50 Advantages arise from Changes in government regulations
- 51. @NYUEntrepreneur51 Advantages arise from Better or differentiated technology
- 52. @NYUEntrepreneur52 Advantages arise from Better understanding of new or shifting buyer needs/preferences
- 53. @NYUEntrepreneur53 Advantages arise from Focus on new or growing industry/segment
- 54. @NYUEntrepreneur54 Five Forces Analysis How intense is competition in your market?
- 56. @NYUEntrepreneur56 The Value Chain All the things a company does to create value What will you prioritize to build your competitive advantage?
- 57. @NYUEntrepreneur “Even though you target just those few potential customers today there is no law that says you are limited to those customers for eternity.” - Darmesh Shah, Hubspot
- 60. @NYUEntrepreneur60 Find people at your school
- 62. @NYUEntrepreneur Tuesday 10/11, 4pm Acquiring Customers 62 1 Attend next week’s Startup School bit.ly/nyustartupschool
- 63. @NYUEntrepreneur63 2 Meet with a Blackstone Launchpad coach Say you went to Startup School! entrepreneur.nyu.edu
- 64. @NYUEntrepreneur64 3 Enter the $300k NYU Entrepreneurs Challenge Training & coaching for your startup! Deadline to Enter is Oct 6th! bit.ly/NYU300k
- 65. @NYUEntrepreneur65 4 Come to the Healthcare Makerthon Pitch Night Learn about most pressing challenges in healthcare and how you can help build the solutions on Oct 6th! bit.ly/pitchnight16