Know Your Market: How to Analyse Competitors Before You Launch

Starting a business in Singapore means stepping into a competitive and well-connected market. Whether you’re launching a consultancy, product brand, or online service, understanding the competition is not optional — it’s foundational to everything from pricing to marketing to your choice of accounting services.

Here’s how to analyse your competitors effectively, so you launch with confidence, clarity, and a clear strategic edge.

1. Define Your Competitor Landscape

Not all businesses in your space are true competitors. Start by identifying:

• Direct competitors: Offer the same product or service to your target audience.
  
• Indirect competitors: Offer different solutions that solve the same problem for the same audience.
  

Being clear about who your competition really is helps you focus your energy where it matters most.

2. Study Their Pricing and Service Structure

Analyse how your competitors price their offerings and what’s included:

• Do they charge premium or budget rates?
  
• Are their services bundled or flexible?
  
• What’s their refund or satisfaction policy?
  

Understanding this helps you find pricing gaps — or value-add opportunities — that can set you apart.

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3. Review Their Messaging and Customer Touchpoints

Visit their website, social media, and review platforms. Look at:

• How they describe their services
  
• What tone and branding they use
  
• What customers praise or complain about
  

This reveals positioning blind spots you can avoid — or improve upon — when launching your own business.

4. Observe Their Customers and Market Focus

Look at who their clients are and how they engage with them:

• What types of customers do they serve (startups, SMEs, niche industries)?
  
• Are they local, regional, or global?
  
• What marketing channels do they rely on — SEO, ads, partnerships?
  

Understanding this helps you focus your marketing on segments they may be missing.

5. Benchmark Their Business Maturity

Use publicly available tools (like ACRA filings, LinkedIn, or directory listings) to gauge:

• Years in operation
  
• Business size and structure
  
• Range of services
  
• Online reviews or testimonials
  

This helps you understand the industry’s maturity level — and what it might take to compete effectively in your chosen segment.

Summary

Before launching your business, take time to assess who’s already in the market — and how they operate. Analysing competitors gives you a practical view of customer expectations, pricing ranges, service gaps, and positioning strategies. With the right insights, you won’t just enter the market — you’ll know exactly how to thrive in it.

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