This may be the best tip yet. There is nothing better than meeting with a client that already put together a competitive matrix… even if it’s just for internal use.
For a vast majority of vendors, yes this is true, but there are exceptions to the rule. Just look at some Forrester WAVE reports for example — there are actually standalone vendors out there who bring something unique to the market without having direct competitors. No competition whatsoever? Not likely. No direct competitors? Whether you want to believe it’s just PR spin or not, it is possible.
@MK: The competitors may not be direct, since there is true innovation in the world, as you say. But when I get the “We don’t have competitors” answer, after rolling my eyes I ask, “What will your challenges be in selling (or otherwise monetizing) this product?” And then the truth comes out.
Love it Love it Love it! These companies are typically easy to weed out during the “nice to meet you” process as they also ask if we can place them on the cover of the WSJ the day of their launch. See that? it’s the red flag — waving.
And the ultimate state of denial, per your comment on challenges in selling: “We have no roadblocks. Everyone needs what we sell.”
Any analyst worth their salt will say no competitors is BS. If someone is buying a product or service even related to your space, but not yours, they are your competitor.
Rafe
Pro PR Tips 
But Rafe, what if your product is unique? ;-)
This may be the best tip yet. There is nothing better than meeting with a client that already put together a competitive matrix… even if it’s just for internal use.
For a vast majority of vendors, yes this is true, but there are exceptions to the rule. Just look at some Forrester WAVE reports for example — there are actually standalone vendors out there who bring something unique to the market without having direct competitors. No competition whatsoever? Not likely. No direct competitors? Whether you want to believe it’s just PR spin or not, it is possible.
There are times where this is true… usually in cases where no one else on earth would be dumb enough to try and sell whatever the product/service is…
@Chris: Hah! you don’t know how right you are.
@MK: The competitors may not be direct, since there is true innovation in the world, as you say. But when I get the “We don’t have competitors” answer, after rolling my eyes I ask, “What will your challenges be in selling (or otherwise monetizing) this product?” And then the truth comes out.
Love it Love it Love it! These companies are typically easy to weed out during the “nice to meet you” process as they also ask if we can place them on the cover of the WSJ the day of their launch. See that? it’s the red flag — waving.
And the ultimate state of denial, per your comment on challenges in selling: “We have no roadblocks. Everyone needs what we sell.”
Beautiful!
Those without competition probably have no market either.
So true!
Competition is good. No competition? Oh, your a monopoly about to suffer massive legal costs by the anti-trust guys – we’ll cover that story!
Any analyst worth their salt will say no competitors is BS. If someone is buying a product or service even related to your space, but not yours, they are your competitor.