Any business has more or less competition and only an ignorant boss can fail to observe it. Unless your business completely runs the respective industry, you will always have some competitors to provide better alternatives to your products or services. Analyzing the competition is a very important requirement in any plan because it underlines the position of your company compared to the other players, but it also helps you develop various strategies to be competitive. Other than that, any investor will expect to see this section in your business plan, especially if you count on some sponsors. When analyzing the type of competitors your business confronts, you can identify and analyze the major names. But who are these names?
Author Bio:
Adam works as an in-house seo for one of the leading SEO Reseller company. He is an expert in Link building and has been doing it for more than 3 years now.
Identifying the competition
Before analyzing other players, you must first identify them. Begin by taking the entire market into consideration. Not all the competition is alike. There are many different names out there and each of them uses a specific technique in the process. The direct competitors are those who commercialize identical or almost identical products. There are also better known companies the customers have more confidence in. These companies represent the most intensive competition. Besides, these companies also have the experience. They are already there, so they already have some customers.
The upcoming competition comes from those companies that are already out there, but are not fully concentrating on the market you look at. However, they can always switch to your market. Identifying all these sources is an impossible task, especially if there are hundreds or even thousands of them. Instead, you must draw a line after the major competition. Although it depends on the nature of your business, you should get at least ten direct competitors and five indirect names. The number is not as important as the competitive position and the deepness of your analysis. A well done analysis will convince you, but also an investor, that your strategy is greatly built.
Examine your competitors
So who is your competition? How do you find these names? When you develop an Internet business, this is the proper environment to look after your enemies. You don't just gain access to advanced search tools, but you can also find all of them, since they are hardly trying to make themselves known too. However, the main problem around search engines is that you find way too many competitors. If you find yourself frustrated in this search, use the advanced and customized searches.
A lot of people rely on Google, but Yahoo is just as powerful. Since Yahoo is a directory and not really a search engine, it will give you some results in a very organized manner. Searching for names should not be limited. Some of the sources used to analyze the market may also prove to be extremely effective. Finally, you should end you search in chat rooms or in other places to communicate with the potential customers, such as discussion boards or forums.
This whole exploration process will tell you where your competition is, so write down all these places, categories or keywords. The information is vital, since at some moment, your business might get up there.
Author Bio:
Adam works as an in-house seo for one of the leading SEO Reseller company. He is an expert in Link building and has been doing it for more than 3 years now.
