Identifying competitors is an important part of business marketing.

There are two categories:

direct competitors – those selling the same products/services to the same markets

indirect competitors – those offering substitute or similar products/services.

Think about:

• who are they owned by?
• what exactly do competitors offer their customers?
• how do they differentiate themselves?
• how well established are your competitors and what is their reputation?
• what are competitors’ strengths and weaknesses?
• what makes them successful (or not)?
• what is their pricing?

In addition to your own research, the best sources of information about competitors will be:

• their existing customers
• their potential customers
• your customers
• knowledgeable peers
• suppliers
• the local Business Advisory Service
• industry and professional associations.