You may think that you just have to choose a store that sells the same products as yours and you are right. Also, you need to know which shops are worth devoting your time and attention to in order to get the most out of your efforts.
In general, there are 3 types of competitors:
Direct competitor
Direct competitors sell products or services that are similar to those you offer in the same market . This is the first seller or business that comes to mind when you think of your competitors.
It’s like Shopee VS Lazada or McDonald’s
Indirect competitor
Indirect competitors are businesses that are in the same category as yours but offer different products to solve the same problem .
If you sell sportswear and you have a rival that sells fitness accessories, you fall into the same Fashion category to solve the same problem but with a different product.
Substitute competitor
Substitute competitors provide whatsapp mobile number list substitutes for the product or service you offer . Even if what you sell is different, you both want to tackle the same problem.
For speaker sellers, headphone sellers can be considered as substitute competitors. Consumers may buy headphones instead of speakers because they decide they want to get the sound they are listening to directly into their ears.
Substitute competitors can be more challenging to identify accurately. Because sometimes consumers themselves don’t know what they want until they have looked at both products and considered their preferences.
Luckily, all of this can be learned as you go along and identify your competitors. You may find more than you expect. Yes, it can be intimidating but also exciting!
2. Know your competitors’ sales tactics
Finding out how your competitors are selling can be tricky. You have to dig deep and analyze how they sell their product.
To help you dig deeper, answer these questions
What online selling platforms do they use?
How do they build trust with their customers?
What is the reason their customers buy from them?
What is their monthly and yearly income?
What vouchers and coupons do they use?
What are the possible advantages of their tactics?
What about the potential downside?
Answering these questions will help Hit Post you strategize appropriate sales tactics. However, only adapt your tactics if they make sense for your business. Remember, not every plan or tactic applies to your brand.