Quick answer: The competition slide shows how the product compares to the alternatives. A weak slide sets up a straw man where the product wins on every feature. A strong slide shows the real alternatives, the honest trade-off, and the segment where the product is the best choice.

The alternatives

The competition includes three kinds:

  1. Direct competitors. Other companies selling a similar product.
  2. Substitutes. The current workaround: spreadsheets, manual work, internal tools, agencies.
  3. Doing nothing. The option to keep living with the problem.

The substitute is often the real competitor, and a founder who only lists direct companies hasn't looked at the customer's process.

The matrix

The common format is a two-axis chart or a feature table:

Capability The workaround Competitor A Competitor B This product
The first job Partial Yes No Yes
The second job Manual No Yes Yes
The price Time High Medium Low
The target customer — Enterprise Consumer The segment

The comparison must be factual. An investor who knows the market will check the cells.

The axes

A two-axis chart positions the product on two variables that matter:

  • Ease of use vs. depth.
  • Price vs. capability.
  • Speed vs. control.
  • Self-serve vs. high-touch.

The product should sit in a real gap, and the axes should be chosen so the gap is honest. Choosing axes to force the product into an empty corner is a tell.

How to be honest

  • Give the competitors their real strengths. A competitor who is cheaper and well-funded is real.
  • Give the product a real weakness. The segment that isn't served is the positioning.
  • Don't claim to win on every axis. "Better and cheaper and faster" is not a credible matrix.

The positioning statement

The matrix should end with a statement of the segment:

[Product] is the fastest option for [the segment]
when [the job], which is why [the segment] buys it.

The segment is the connection to the market slide.

The common mistakes

  • The empty "we have no competitors" slide. It's either a market that doesn't exist or a founder who hasn't looked.
  • The invented competitor. A weak alternative placed to make the product look good.
  • A chart with no labels.
  • Feature comparison without pricing.
  • The founder's current employer omitted.

What to avoid

  • Logos of giant platforms used as direct competitors; they're context, not the substitute.
  • Inconsistent categories in one table.
  • A comparison checked against outdated versions of the competitor.
  • A matrix that changes the labels every time the deck is shown.

Frequently asked questions

Do I have to name competitors? Yes, and the substitute, including doing nothing. Can the product be the premium option? Premium is a valid position; the slide must show the value that justifies it. What if a competitor is about to ship the feature? Address it; the roadmap is a known part of the conversation. How do I keep the comparison accurate? Verify the competitor's current product and pricing before the deck goes out; the facts shift. Can the slide be generated? The table can be laid out automatically; the competitor facts must be checked by the founder.

Give the competitor the strengths it genuinely has. The founder who can say the competitor's name and explain the real difference is the founder the investor trusts.

Related guide: the pitch deck guide.