In this fast-evolving business environment, startups should focus on their growth and keep an eye on their competitors. The best way to do this is to use a company’s website. These websites provide detailed information about registered companies, including their financial reports, company performance, information about directors, and much more.
In this blog, we will discuss how startups use a company details website to track their competitors and stay ahead in the competitive industry.
Why should startups track their competitors?
Startups are like new players in a Football match that is already underway. It is important to know the moves of experienced players (competitors) so that you can do better planning. Here’s what you get by tracking your competitors:
- Information on market trends
- Understanding of pricing strategy
- Awareness of new products in the market
- Idea of the company’s financial position
- New marketing ideas
When you know what your competitors are doing, it will be easier for you to make smart decisions.
What is a Company Details Website?
A company detail website is a platform on which you can access and view the official information of the registered companies. This information is usually collected from government sources such as the Ministry of Corporate Affairs (MCA).
Here’s what you can find on these websites:
- Company registration details
- Loan and charges details
- Information about directors and the network
- The company’s financial reports
- Industry comparison and competitor details
There are a lot more in-depth reports you can get for any private or public limited company on these company information websites.
How startups use the Company information Website
1. Identifying Their Competitors
First of all, you have to identify your competitors in the market you are working in. On websites that provide company details, you can find your competitor companies based on industry, size, and location.
Suppose you are running a D2C skincare brand, you can list the brands working in your niche and create a list. You can also find the brands that are working in the same line as your city or state.
2. Checking Financial Position of Companies
Many startups estimate their competitors’ revenues or expenses by guesswork, but on a company’s website, you get all the following information in the form of data:
- Annual revenue and profit
- Expenses and investments
- Assets and liabilities
If you find that a competitor’s revenue has doubled last year, you can question what new things they have done, like a new product or a new marketing strategy.
3. Information on loans and funding
Startups usually do not have too much capital and funds in the beginning. They have to look for a source of funding and a loan. You can check these on the company details website:
- Raised funding from venture capitalists
- Which competitor is in debt
- Partnered investors
If your competitor has recently raised funding of ₹30 crores, then you will understand that he is going to take a big step soon.
4. Analyzing Directors and Leaders
The strength of every company lies in its directors and founders. These company information sites let you view the:
- Profile and background of the directors
- Their previous businesses and achievements
- The companies they are associated with
With these details, you can get an idea of how experienced a team your competitors have.
5. Tracking Growth Patterns
Some company information platforms tell you about the financial performance of your industry competitors over the years. You can see:
- Year-over-year growth
- Is the company stable or not?
- Comparative market analysis
This information tells you if a competitor is truly growing or just making noise in the market. Real data goes beyond the hype.
More Benefits: Not just limited to competitor tracking
Company details websites can be used for many other purposes besides tracking the competitors, such as:
- Supplier Verification – It is important to check the company status of any vendor or supplier before working with them.
- Investor Research – Startups should also know about their potential investors to know their background.
- Benchmarking – You can relate your company’s performance to other players in the industry.
Final Thoughts
Data is power in India’s startup ecosystem. A good company details website is like a sniper gun for startups to understand their competitors, make smart decisions, and grow faster.
So don’t guess now, make your next strategy based on data. Because in the race of a startup, it is not only important to run fast but also to run in the right direction.
