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When
you know who is vying for your customers, you can make more strategic
decisions about how to appeal to current and potential customers. Consider
three categories:
Direct
competitors are the specific brands or companies you feel tugging at
your customers every day. They compete in the same geographic area as you do
and they market a similar product or service.
Indirect
competitors belong to a different business category, operate in a more
remote location but offer a similar service or product.
Occasional
competitors are those companies who appeal to a similar interest of your
customers or clients. For example, a hardware store customer might purchase
with a home improvement in mind or they might make a purchase with a hobby
that requires certain tools in mind. On the occasion that the customer is
purchasing home improvement items, other home improvement stores can be seen
as competitors. Likewise, when the customer has the occasion to spend money
on his/her hobby, hobby stores would be considered the occasional
competitor.
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