Competitors Analysis and Identification
A competitor is any business providing similar goods or services. While rivals seem at first, competitors are essential members of the industry’s ecosystem.
For online sellers, competitors are stores with self-built websites or niche retailers offering identical items. When businesses provide identical items similarly, rivalry is typically zero-sum with lost sales.
First, let’s discuss why competitor information matters. Then we’ll find your specific competitors. Factors like price and quality are affected when competitors exist. Determine who your competition is and if these methods worked.
Imagine applying at Seamless. Obvious competitors are Foodler. Think more broadly when few players exist.
Learning about competitors helps marketing strategies exploit weaknesses while improving business performance. This knowledge brings realistic success expectations by identifying threats of new market entrants and current rivals.
Identifying Direct and Indirect Competitors
Direct competitors provide identical offerings to the same core audience. Indirect competitors make related offerings aimed at slightly different demographics. Coca-Cola and Pepsi are direct cola competitors.
Tools for Finding Competitors
Use SpyFu to find competitors not top of mind. Addressing them in your strategy helps avoid surprises from rising competitors entering your space.
Competitor Analysis Framework
A competitor analysis evaluates strengths, weaknesses, and opportunities. This identifies risks and next steps. Our 5-step framework is: Identify competitors; Describe top products; Assess offers; Make strategic recommendations; Identify opportunities.
Identifying Top Competitors
Identify top competitors by Googling your products and services. Results highest up often pose the greatest threat.
WeWork’s Top Competitors
WeWork provides shared workspaces. WeWork’s top competitors are IWG, LiquidSpace, CBRE Group, OpenDoor.io, and Membership Collective Group. Serendipity Labs and Venture X offer professional flexible workspaces without cutting corners.