These brands satisfy the same need for women (having trendy clothes delivered right to their doorstep each month), but they do so with completely different types of clothing, making them indirect competitors. This means Kate Hudson’s team at Fable tics would not want to spend their time studying Stitch Fix too closely since their audiences probably vary quite a bit. Even if it’s only slightly, this tiny variation is enough to make a big difference. Now, this doesn’t mean you should toss your indirect competitors out the window completely. Keep these brands on your radar since they could shift positions at any time and cross over into the direct competitor zone.
Write your company’s history
Using our example, Stitch Fix could start a workout line, which Greece Mobile Number List would certainly change things for Fable tics. This is also one of the reasons why you’ll want to routinely run a competitor analysis. The market can and will shift at any time, and if you’re not constantly scoping it out, you won’t be aware of these changes until it’s too late. 10 Free Competitive Analysis Templates Track and analyze your competitors with these ten free planning templates. SWOT Analysis Battle Cards Feature Comparison Strategic Overview Download for free Learn more. Determine what products your competitors offer.
Describe the products and services you offer
At the heart of any business is its product or service, which is Buy Email List what makes this a good place to start. You’ll want to analyze your competitor’s complete product line and the quality of the products or services they’re offering. You should also take note of their pricing and any discounts they’re offering customers. Some questions to consider include: Are they a low-cost or high-cost provider? Are they working mainly on volume sales or one-off purchases? What is their market share? What are the characteristics and needs of their ideal customers? Are they using different pricing strategies for online purchases versus brick and mortar? How does the company differentiate itself from its competitors? How do they distribute their products/services.