What is a competitor? Every business has a competitor and learning about them is very important.
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What is a competitor? Types of Competitors Direct competitors Indirect competitors Potential/potential competitors Reasons for competitor analysis What to research about competitors?
What is a competitor?
Competitors are individuals and units that have the same customer segment or trade in the same products as you or offer similar prices to your business’s products. They are your competitors in the marketplace.
What is a competitor?
Everyone in business has their own competitors. No one is an exception, maybe the only difference is that the competition is more or less, strong or weak. To win the competition, you must definitely use the right mind and strategies.
Types of Competitors
Once you know what a competitor is, identifying a competitor shouldn’t be that difficult.
Pepsi has always known Coca-Cola as its competitor, just as Samsung is very clear that Apple is a formidable competitor. They develop the same product or target the same customer, so they are naturally competitors.
There are 3 common types of competitors
But it’s not enough just to determine who your competitors are, you also need to know what kind of competitors they are. Competitors are usually divided into 3 categories below:
These are competitors that have the same product line, have the same selling price, the same customer segment, and have similar competitiveness.
Competitors that do not have the same product or service but meet the same customer need. Products of indirect competitors are also called substitutes. That means they are interchangeable even though they are not the same product.
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Trains and sleeper buses are indirect competitors and substitutes for each other. In the past, customers preferred to travel long distances by train, but now sleeper buses are born, they have a shorter travel time and have extremely modern facilities, so they have become a popular means of transport. more than that.
Or traditional motorbike taxis along with technology motorbike taxis like Grab, Goviet, Bee… are also considered indirect competitors.
Potential competitor/potential competitor
A potential competitor is a type of competitor that is likely to enter the same market segment and compete in the same field but at the moment they are not. This type of latent adversary needs attention because they are opponents that have not yet come to light.
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Reasons to do competitor analysis
Once we have determined who the competition is, what type of competitor they are, we will move on to the competitor analysis step. Learning about competitors is very important for businesses.
Only when you have a thorough understanding of your competitors can you come up with appropriate strategies to make better products, outperforming them. Only then can your business win in this competition.
Competitor analysis is very important
Researching and analyzing competitors will help businesses understand the advantages and disadvantages of competitors as well as better understand the situation of their business. Thanks to that, they can plan and create effective business campaigns to help the company grow and stand firm in the market.
What to research about competitors?
Researching competitors is an urgent task that every business needs to do, but what do we have to study about competitors? Here is the answer for you!
Criteria to look for:
Products: packaging, design, uses, usage… Services: forms of payment, shipping, warranty… Price: selling price of products/services Information: Basic information about products/ Brand services: logo, representative color, design, communication products…
Analyze what about competitors?
Quantitative criteria include:
Quantity Price Material Size Weight Effective Productivity
Above is all information about competitors that every business needs to know. You already know what the competition is, what types of competitors there are and why to do a competitor analysis. Wish your business always win all competitors and maintain its position!
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