There are a lot of ways to figure out who your real competitors are. There are competitive analyses or other ways that can be used in the search for this. There can be mistakes that can be committed to doing this but doing some research would really help you in finding out who your competitors are and knowing whom to watch out for.
Checklist on Finding Out Who Your Competitors Are
Establish What Your Industry Is
You cannot pinpoint who you are up against if you do not know which industry your business belongs in. For an instance, you cannot simply assume that MAF Consulting Middle East
is one of your competitors when you’re not even sure if you have a clothing line or a Business setup chain.
This the first step that will ensure that the rest of the steps of this procedure will make sense. Without doing this, you cannot figure out who you going against in the industry that your business falls into.
Differentiate Your Direct, Secondary, and Indirect Competitors
Every business industry has three competitors: direct, indirect, and secondary competitors. Once you have established the first step, you can easily figure out who your competitors are and categorize them based on the three groups.
For a brief explanation the definitions of those three are as follows:
- 1. Direct competitors — these are the businesses that do exactly what you’re doing. If you’re a bookshop, they are also in the same line of business. They also sell books or probably even have them rented.
- Secondary competitors — these are the businesses that have different products but still compete in some levels. For an instance, a customer needs a vehicle and can choose between a lot of them, like cars, trucks, motorcycles, etc.
- Indirect competitors — they offer and sell opposite things but still compete at a certain level such as the outcome. An example of this is a company that offers a weight loss program and a fast-food chain. They are two completely different industries, but still, there’s competition on how to engage customers.
Research About Your Competitors
Your direct competitors especially need an eye on because you have to know exactly what they do that makes them unique. You need to observe them like a hawk and learn how they do things and market their products. By doing this, you can do those things altogether but with better execution.
This is important because you cannot simply expect your customers to stay faithful with you. You need to keep them engaged with your products and services and other things that you can offer.
With professionals on your side, you can obtain valuable information, such as marketing materials, publications, styles in marketing, etc., for you to study and use them as your basis in creating your own strategies that are better than what your competitors are doing.
There is also another tactic that you can use like calling your direct competitors and pretending to be a customer. You can gain helpful information as well from how they handle their customer service to what they offer and even how much it costs compared to yours.
These past few years, it has become easier to find out what your competitors are doing with the social media platforms that are being used as a technique in reaching to customers. As businesses use this to their advantage in holding the attention of the consumers, they can also use this to their advantage in researching on their competitors.
These are simple yet sure-fire ways of determining and facing your real competitors in a world full of competition.