Tips for Identifying Your Business Competitors
When you enter a particular industry or sector, you are going up against hundreds, perhaps even thousands of individuals who are already involved in that business. You also have to take into consideration the newcomers who will continue to enter the market once you have already done so. While it is easy to see all of these individuals are competitors, you can’t possibly take all of them on. Instead, you are going to have to analyze the situation and decide which companies are going to have a direct impact on your own organization. Here are some tips to help you do so:
Assess Your Market
There is a saying – the world is your oyster. The reality, however, is quite different. Regardless of how large your company is, you can only have access to a certain percentage of the market. This is why professionals like Corporate Business Solutions Reviews advise you to take a good look at your market. The addressable market is the overall opportunity that your product or service has within the industry. The available market is the portion of the addressable market that is actually feasible for you to obtain. This means that you first have to identify the addressable market and figure out just how large it is. With this information and by understanding the capacity of your own company, you can determine your available market. This will let you know the elements of the overall market that you should pursue.
Identify Your Target Customers
The next thing that you are going to have to do is get a clear idea of who your customers are going to be. In particular, you will need to pay attention to the consumers that are going to help you to develop and expand your business. You should also take the indirect consumers into considerations. These may be individuals or corporations that may impact the buying behavior of your direct customers. It is also a good idea to organize your clients according to importance. This will help you to identify the ones that will be key to your success.
Detect Your Competitors
Just because another company is selling the same product or service, it does not mean that they are your direct competitor. Corporate Business Solutions Reviews caution you to take other factors into consideration as well. In particular, you should make a note of their value propositions. For instance, consider any market and you will be able to find two corporate giants. For the most part, however, their product and marketing strategies are targeted towards different consumers. The companies that have similar value propositions as yours are the ones who can be considered direct competitors. This does not mean, however, that the indirect competitors should be ignored. Nonetheless, it is best to focus on the organisations encroaching on your territory while keeping a watch on the other opponents as well.
This is the best way to determine who you will have to go up against as you market and sell your products and services. This will help you to improve your overall strategy so that you will be more effective at reaching your target customer base.