In this competitive world, nothing comes easily. When you do a business you will find that in the market exist your several competitors who are trying every possible way to stay ahead of you. If there is no competition there is no business. So when you do a business whether a small scale or large scale business, you must not overlook your competitors. When you understand clearly your competition, stay assured to get remarkable success in your business. If the service or product offers by you fill a gap in the market, you must know that there are other companies which are offering a similar thing to satisfy the consumers.
Types of competition
You need to identify the thing that makes the consumers choose one service or product over the other. Customers look for various options to get the best thing and it is nothing but the competitors. Competition is of two types- direct competition and indirect competition. Direct competition is vying with one another by selling same products and indirect competition is competing for the same market. The competition will have an impact on the success of your business either direct or indirect competition. Thus it is of prime importance that you consider all forms of competition when it comes to BTC and Small Business planning.
Various businesses that offer same services or products build direct competition. Customers will consider various locations, service levels, price points and features of the products when it comes to buying anything. By strategically positioning the business with a mix of various options you will able to reach wider customers. Competing in businesses that target rich section of the society there will be no such competition on price. You really need to understand well where the competitors stand and if you successfully do it then you will get considerable acknowledgment.
Indirect competitors’ offers quite different services and products but they target the same customers with the mission of satisfying the similar need. It is also referred to as substitutes. In every business, some indirect competition exists. It is of prime importance that you identify the need of the customers and accordingly proceed to satisfy your customers. A clear understanding will enable you to get better exposure and you will surely see a boom in your business. So proper identification of the competitors and the competition, that exist in the market for BTC and Small Business, is indeed advantageous for your business.