I am frequently asked about our competition. Everyone wants to know if such-n-such company is one of our competitors and what we think of them. In a growth-stage industry, the market is flooded with options so I can understand the signal-to-noise challenge.

I think of our competition in 4 layers and while I spend the most time focused on the last stage, I clearly pay attention through all four of them.

1. Daydreaming.

This is the nosiest layer. Tons of VC money, industry commentators and fields of blooming companies riddle the market with noise.

Competitors: Everyone.
The Buyer: Wants to make the case for something new. Or they’re enthusiasts. They love contemplating the market.

2. Impending event.

There’s a massive difference between this layer and “Daydreaming.” Often a lot of time has passed and you’re now having to pull more people into your process.

Competitors: 6-8

The Buyer: There’s a reason you’re actively checking out the market. You have finally convinced your Norman to at least kick the tires. There could be several things that has you shopping. Something could be broken, launching, perhaps a new team or boss.

3. Approved project.

After a lot of meetings, shopping, budgeting, meetings, Powerpoint, and meetings, you finally can really make this happen.

Competitors: 3-4

The Buyer(s): Suddenly way more people are involved. There could even be an RFP. Lots of departments with different agendas are in your chili.

4. Final competition.

It’s been a long process and you need a nap. It shouldn’t have been so hard but you’re finally ready to make a decision. This can be one of the most stressful periods. The entire project could be yanked, pushed, re-routed or otherwise go astray.

Competitors: 1-2

The Buyers: Everyone has a favorite at this stage and while other factors could force the buyer to not choose the on-paper-in-heart winner, 9/10 the favorite choice wins.