Market competition: 10 points to evaluate

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Now it's time to show you the main points that should be evaluated when analyzing your market competition, check it out!

What are the main points that should be evaluated in relation to market competition?
1. First step: define the competition
The first thing to do before starting your market competition analysis is to define who your competitors are.

There are two types of market competition:

Direct: those who sell services or products that are the same as yours and compete in the same segment as your company;
Indirect: they offer similar solutions that satisfy the same desire or need as your product or service.
Even though they don't offer the same product, indirect competition can take away sales and customers from you, so it's a good idea to keep an eye on them too!

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2. Understand the market size
It is very important to understand the size of the japan phone number lead market to get an idea of the growth and reach that the company can achieve.

Market competition analysis is useful for identifying gaps in new products or services, as well as the audiences that can be reached.

If your competitors aren’t already working to reach these markets, it’s time for your market to seize the chance!

3. Recognize your Market Share, your slice of the market
Market share is the slice of the market that your company and its competitors occupy.

To define your market share, you can base it on multiple aspects of the market, such as the percentage of revenue, the number of closings, the number of interactions or leads in your sales funnel.

Learn how to calculate your market share here.

4. Know the products and services of your market competitors
Identify your competitors' products and services and check whether they are at the same level as your company's, or whether there are areas for improvement.

5. Consider the target audience
When defining your competitors, also consider the target audience, the size of your business, and how the size of the investment influences the performance and offering of each enterprise.

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6. Also look at market and consumer research
What do consumers have to say about your market competition?

Those who consume the brand can respond whether they are satisfied, whether they would exchange it for another, what the positive and negative points are, among other important information.

You need to evaluate what buyers are saying not only about the competition, but also about your company to your competitors.

7. Compare prices
Price is one of the factors that most influences purchasing and keeping prices high may be one of the reasons why consumers prefer the competition.

Learn more about pricing and how to calculate prices for products and services here.

8. Observe the form of service
Providing good customer service is essential, so it is important to know how your market competition is providing this service.