In all markets there are direct and indirect competitors and it is important to look at both when carrying out a competitor audit. Direct competitors offer the same product or service, and tend to be in the same geographical area as you. Indirect competitors can satisfy the same customer needs as your product or service. For example Wickes and B&Q are direct competitors offering DIY help, but interior designers are indirect competitors, they help people spruce up a house by offering soft furnishings such as cushions/blinds/curtains and they also help with painting.
Analysing your competitors helps you to identify your own Unique Selling Proposition (USP). What makes you stand out from the crowd? This is crucial to stay ahead of the market and be at the forefront of consumers when they are looking for the product or service you are offering.
Define your new market, you may have a multinational brand or you may have a brand looking to expand overseas. For example, if your clothing company is looking to move to Sweden, analyse the competition, it will be different to what you have in your home market.
The retail sector can be extremely competitive. The margins can be low and the costs can be high, especially if you have an offline store, which you may be tied into for some time.
It is important to use a keyword research tool to find how these different terms are being searched, the competition and how difficult it will be to rank or target that term.
A great way to automate this whole keyword process is to use the automated market share and content strategy tool and from Authoritas. This can analyse your whole market in 26 countries/language combinations.
