Understanding the competition
When conducting competitor analysis, look beyond the obvious. Not every company of the same type as yours is actually competing with you directly. (This may be because they are based in a different location or targeting an audience that has no overlap with yours.) On the other hand, a different type of company may have a product or service that does compete with yours.

Who are you really competing against?
At a consumer level, your competitor companies are those that compete with you to obtain ‘share of wallet’. So if you’re trying to sell an investment product by direct mail, your offering may arrive on the same day as a holiday brochure. You need to be sure that the way you sell the ‘concept’ of your product works even against ‘lateral’ competition.

What are they up to?
Once you have identified your key competitors, keep an eye on their activity. It is important to be aware of how, where and what they are marketing. Look out for any competitor special offers or other marketing ploys that might affect your own plans. Take note of which competitor strategies are repeated – this can indicate that they are successful.

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