First, we'll need to figure out who we're really competing with so we can compare the data accurately. What works in a business similar to ours may not work for our brand.

So how can we do this?

We divide our “competitors” into two categories: direct and indirect.

Direct competitors are businesses that offer a product or service that could pass as a similar substitute for ours, and that operate in our same geographic area.

On the flip side, an indirect competitor is one that provides products that are not the same but could satisfy the same customer need or solve the same problem.

The market can and will shift at any time, and if we are not constantly scoping it out, we won't be aware of these changes until it's too late.

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