Back to All Blogs

Pinpoint your Potential Competitors: The Foundations of Market Research

Digital Marketing
2 Min Read

Originally published August 24, 2015 , updated on September 17, 2024

Tooltip
Published Date: The date when the blog went live on GL website.Updated Date: The latest date when the GL Content team updated this blog.

In running your for-profit business, consider the fact that you are competing to win. In the same way that you would compete for the ultimate prize in a sports event, your business is aiming to win the “profit prize” from the competition. For this reason, it is of the utmost importance that you suss out precisely who your competitors are; in the business game you need to know the competition before you can beat it.

Perhaps the quickest way to figure out who your biggest competitors are, is to (figuratively) remove your business from the equation. Without your existence, who would be supplying customers with your products or services? Now, put your business back into the equation. Who is trying to “steal” your customers? On the flip side, whose customers are you trying to steal? In answering these questions you will be able to identify your direct competitors.

To identify your indirect competitors, you will need to ask yourself the following question: “If your products did not exist, what other products would customers buy to fulfil their needs or solve their problems?” These businesses tend to offer alternative products or services to those you are offering. While they may not currently be a threat, they could become your direct competition in the future.

Once you have built up a database of who your competitors are, you have the opportunity to determine their strengths and weaknesses in terms of product offerings, price, client base, available resources, customer service, and marketing material. Use this information to build a better marketing strategy, funnelling their customers your way.

Post Views: 354

Work With Us

Do you have a question or are you interested in working with us? Get in touch
×

Contact Us

+44 3300270912 (UK)

+1 929 299-3999 (US)

info@goodmanlantern.com

"The team was approachable and did an excellent job at coordinating with me to keep the project on track." Poonam Singh,
Zoho - Senior Marketing Manager

    captcha

    Scroll to Top