Ever been asked, “how do you compare to your competitors.” Hopefully, you did not answer, “I have no competitors.” Thorough research of your business industry will reveal your competitors. Knowing your competitors helps you understand your competitive advantage and disadvantages compared to others in your market.
Consider both direct and indirect customers when researching. Direct competitors are those who sell the same products and services as you with the same target market. Indirect competitors (substitutes) are businesses whose products or services are different from yours, but their products satisfy the same need.
Some questions to answer about the competition:
1. Who are your competitors?
2. What are your competitors’ strengths and weaknesses?
3. What is the shape of your competitors (size, employees, locations)?
Source : @kilsahconsulting
#competitors #knowingyourbusiness #startup