A competitive analysis is highly benefitial because it helps you understand what your strengths and weaknesses are compared to your competitors. By taking a close look at RedBubble, StickerMule, as well as other competitors we found that while we can\’t beat them in quantity, we can beat them in quality and cause. Thanks to our competitive analysis, we found that no other company makes their stickers out of a non-paper material. In addition, we found that most companies only sell designs for cheap if bought in bulk.
These findings directly support our value proposition of creating high quality stickers out of 100% non-paper materials. Our strengths and values line up perfectly which is an ideal pairing in a startup. Regarding the competitive analyze, the main lesson I learned was that its not practical for us to enter the bulk stickers area, but instead we should stay in our lane with limited quantity and environmentally friendly stickers.
Regarding our business plan, I don\’t think we should make any major changes. One change that we should make is regarding our revenue streams. I believe that if we start a subscription model, then we will set ourselves apart from the competition and gain a unique advantage. Another change that we could make is regarding our capital. Instead of purchasing the paper from a distributor, if we reach out to the manufacturer directly we might be able to lower our costs and therefore lower our margins. All in all, the competitive analysis reaffirmed our value proposition and helped us to better understand what makes our company unique compared to our competitors.