You need to know who your competitors are. You’ll probably already have a list, but have you considered every angle?
Let’s start with the basics for those running new businesses where the environment is yet to be explored.
There isn’t just one type of competitor out there. There are direct and indirect competitors
These are competitors offering the same service or products as you in the same geographical area – targeting the same audience and serving the same needs.
These are companies who offer the same, or similar, services and products to you in the same area, but who are serving a different need or purpose or targeting a different audience.
There is also third type of competitor, a tertiary competitor. This is someone who sells a product that might be vaguely linked to yours, but doesn’t really compete.
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