To identify relevant competitors to include in your analysis, start with searches on Google around your product and business idea. You want a mix of competitors that:

• Sell similar types of products
• Have the same business premise
• Market to same and slightly different audience demographics
• Are both new to the marketplace and more experienced

Create a spreadsheet

As you collect data on this group of competitors, keep it organized within a table or spreadsheet that can be easily shared and updated over time. Within this document, jot down the different criteria you want to compare and contrast, such as:

• Price range
• Product offerings
• Social media engagement
• Content used for lead generation
• First time visitor offers
• Other traits that are worth exploring

Identify primary/secondary competitors

Starting with your list of competitors, begin your spreadsheet by categorizing each one as a primary, secondary, or tertiary competitor. This will help you better determine how they’ll relate to your business:

1. Primary competitors are your business’ direct competition, selling a similar product/service to your target audience. These are the brands that your customers may compare you to. Example: Nike and Adidas are primary competitors.
2. Secondary competitors sell similar products or services but to a different audience (e.g., they focus upmarket or downmarket with their products). Example: Victoria’s Secret and Wal-Mart are secondary competitors.
3. Tertiary competitors are related brands who may market to the same audience, but don’t sell the same products as you or directly compete with you in any way. They may be potential partners or future competitors if they choose to expand their business. Example: Gatorade and Under Armour.

We use different tools to manage competition, as well as to control your brand quality. If you are searching the market, doing new acquisitions, or just manage the local market, let us know. We help you to understand your competitors.
 

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