As times change, we also need to change the meanings we give to words. Identifying competition in marketing is not as easy as listing your direct competitors.
‘Competitors’ have traditionally been considered as business competitors or competitors in terms of the business model.
Simply, these are people who take away your business “market share” by being better at what you do 🙂
But what exactly is competition now?
It’s about competing for your audience’s attention.
Even businesses that don’t share the same business model as yours are competing with you in trying to get the attention of your audience.
Your audience, which was traditionally supposed to be well segmented based on their decision-making capabilities, are now all just eyeballs glued to their mobile phones.
This is one thing that makes all target audiences equal and hence, makes every business in the world a competitor of another.
Think about this
In summary, this means whoever gets their attention first will hack into their brain, time, and energy leading them to miss out on your business offer.
So consider this:
- Every one targeting the same audience as yours as a competitor or potentially, a partner.
- Think about ways in which you can either be better at driving eyeballs than them or use their ability to drive eyeballs to grow your business leveraging concepts such as other people’s networks and collaborations.
- Think about competition from this perspective and you will see a major evolution in your marketing strategy as well as approach.
Think of anyone or anything that can steal your audience’s attention away from your product or service or message or content as competition!