How to identify and analyze indirect competitors in the company

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Picture it: You're hanging out with your family and trying to decide between streaming a movie at home or going out for pizza. While a restaurant and a streaming service may not seem like rivals, they're both competing for the same thing: your family's disposable income and free time.

Every business has competition, but they aren't always the first names that come to mind.

This is the essence of indirect competition. But what exactly are indirect competitors? They are companies that offer different products or services but compete for similar customer needs, goals, or resources.
Ready to see how indirect competitors can influence your next big strategy? Let's dive in.

60-second summary
Here are the steps to identify indirect competitors :

Understand your market: Broaden your vision. Look beyond direct competition and explore similar australia accountant email list and adjacent sectors. Your indirect competitors may emerge from there.
Spot trends: Keep an eye on market changes and emerging opportunities
Tracking Customer Needs: Pay attention to changes in your customers' preferences
Analyze competitor data: Use information to visualize trends and identify gaps
Stay adaptable: Be prepared to modify your marketing strategies as new competitors emerge
Collaborate and Plan: Brainstorm with your team to outsmart your direct and indirect competition
Employ research tools: Use ClickUp's comprehensive features like Whiteboards, Documents, and Dashboards to identify, research, and strategize against indirect competitors