What are the 3 types of competition in marketing?

What are the 3 Types of Competitors? Direct Competitors. Indirect Competitors. Replacement Competitors.

evalueserve.com - Competitive Intelligence: 3 Types of Competitors to Watch - Evalueserve

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What are the 3 Types of Competitors?

Direct Competitors

A direct competitor is a business that provides the same or similar services as yours and/or targets the same customers as your business. If you have a lemonade stand, the neighbor’s lemonade stands next to yours is your direct competition. Microsoft with their Edge browser would consider Google Chrome to be a direct competitor. The threat a direct competitor poses is clear: if a customer buys a product from your competitor there is very little to no chance they will also shop for the same product or service from you. A customer who buys an Apple phone is not going to go out and buy a Samsung phone.

Indirect Competitors

An indirect competitor may sell the same or similar products and services as your business, but it may not be the primary revenue source or not the main focus of the business. If you still have your lemonade stand, your neighbor could open a business selling umbrellas, sunscreen, and hats that also sell lemonade. A car dealership’s automotive shop may also provide the same services as an independent automotive shop, but their main business is selling cars and not automotive repair. Because of this, a customer at an indirect competitor can still be your customer but it depends on how you promote yourself to that potential customer.

Replacement Competitors

Replacement competitors may offer services or products which are different or similar to yours but that fill the same niche or solve the same problem as yours. A replacement competitor can pose the largest threat and can also seem largely invisible. They change not specifically the products or services but instead how they are delivered. Think about a company like Blockbuster, they failed to identify Netflix as both a direct competitor and a replacement competitor. As a direct competitor, Netflix offered video rentals just like Blockbuster, but as a replacement competitor, they offered their service through the mail presenting a new more convenient way for customers to rent videos. The convenience of getting a rental through the mail and not having to worry about late fees left Blockbuster playing catch up because replacement competitors usually disrupt the entire ecosystem. Another example would be how malls and small stores across America are still struggling thanks to the success of Amazon’s delivery services.

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Through examining your competition, you can learn strategies like how large their social media presence is, what their product spread and brand presence are, and other key aspects of their business. Knowing what makes your business different from a direct competitor can be positive and lets you stand out. Analyzing a competitor’s product spread can inform you what people in the local area are looking for, and what they’re not interested in which can influence your future products and services and avoid offering services you know will not sell. A proper examination of your competition can also help you identify how they are failing and allow you to fill in the gaps that customers are looking for. Maybe a brand has a social media presence but is poorly maintained. Your social media team could offer something more modern and inviting to grow your brand presence even larger than your competition. Understanding your competition will also help when your sales team is talking to potential customers. Knowing what sales and practices your rivals use can allow your sales team to be prepared to answer questions from prospective customers and help mitigate any perceived advantages. Doing this research can inform you on where you need to focus to be competitive in your ecosystem or what your rivals are doing that is making them so successful. This kind of market research can be a constant, time-consuming process that is sometimes offloaded to third-party analytics firms, but the benefits it can have for your business can’t be ignored.

evalueserve.com - Competitive Intelligence: 3 Types of Competitors to Watch - Evalueserve

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