All the schemes, methods and principles of work of a business similar to yours are also suitable for your company. Therefore, it is necessary to find such manufacturers.
When assessing the market environment, you should consider only direct competitors. Take, for example, Fabletics and Sticsh Fix, which recommend subscribing to clothing. At first glance, it seems that these sellers are obvious competitors in the business. However, upon closer examination of the products, it becomes clear that their assortment is different. Stitch Fix sells fashionable casual clothing, while Fabletics offers customers sports models.
By delivering stylish items to customers' homes every month italy mobile number search the companies cover their needs, but are not considered direct competitors, since their products are in different areas. Therefore, Sticsh Fix specialists will not study the Fabletics trade, since the audiences of these services are still different.
Find out what competitors are offering
In the process of studying the indicators and actions of competing firms, their model range and product quality are assessed. Attention is focused on pricing, promotions, discounts and customer motivation programs.
What is the level of expenses incurred by the business (high/low)?
Is the company focused on one-off transactions or is it aiming for large volumes?
What market share does the seller occupy?
What are the needs and wants of your competitor's potential ideal buyers?
How does pricing differ in online trading and regular stores?
How does the company sell its goods?
How does it differ from other competitors in the market?
Understand sales techniques and evaluate the results
When studying these aspects of competing companies, you need to answer the following questions:
