pdmpill 5 – How to identify your competitors?

Identifying your competitors as soon as possible is key when developing the strategy and the value proposition for a new business. There are four types of competitors:

  • direct: these competitors try to solve the same problem for the same customer group, hence their products or services are quite similar and in the same price group
  • indirect: these competitors try to solve the same problem for a different customer group (that can be smaller, bigger or from another industry/business vertical) in a different way
  • potential: this type of competitors offer a different product or service for the same customer group
  • substitute: also called phantom competitors, are the businesses that sell a different type of product or service, but one which your customers could choose to spend their money instead (e.g. McDonald’s and frozen potatoes from Kaufland)

By Cristian URECHE

Cristian is a Senior Product Manager with experience shipping tech products in more than 30 countries. He later became an entrepreneur and built an award-winning IoT startup pioneering PropTech and smart access technologies. He was invited out of 2,000 entrepreneurs to join the French Tech Ticket program in Paris for one year. Besides possessing expertise in AI, Cristian is well versed in the end-to-end product development cycle with an active and influential leadership style.