Goal
The goal of this exercise is to identify direct and indirect competitors for your business. By categorising competitors based on firmographics, the similarity of the problem they solve, and the similarity or differences in their solutions, you can gain a comprehensive understanding of the competitive landscape and make informed strategic decisions
Instructions & Resources
Use the ‘1. Business’ tab inside the Competitor research Google Sheet to store your findings
Direct Competitors:
- Identify competitors that have similar firmographics, meaning they operate in the same industry, target similar customer segments, or have comparable business models.
- List competitors who address the same problem as your business and offer a similar solution.
Indirect Competitors - Similar Customer:
- Identify competitors that have similar firmographics to your business but offer a different solution to the problem.
- These competitors target a similar customer base and address the same problem but with a different approach or solution.
Indirect Competitors - Similar Solution:
- Identify competitors that have different firmographics from your business but offer a similar solution to the problem.
- These competitors may operate in different industries or target different customer segments but provide a similar solution to the problem you address.
By completing this exercise, you can gain a comprehensive overview of your direct and indirect competitors. Understanding the similarities and differences among competitors in terms of firmographics, problem-solving, and solution offerings can help you refine your positioning, identify unique selling points, and develop effective strategies to differentiate your business in the market.