There are two ways to define competitors. ✌

One is by strategic groups- competitors who use similar marketing strategies,
sell similar products, or have similar skills. ☝

Under this definition, you might group Toyota and Nissan as competitors within
the car industry. 📖

The second, less obvious way to group competitors is by the customer- how
strongly do they compete for the same customers’ dollar? 💲

Using this method gives you a wider view of your competitors and the challenges
they could pose to your new business. 👀️️️
#smallbiztips #entrepreneurship #growyourbiz #growthtips #businessmindset
#startuptips #businesspassion #entrepreneurshiplife

Originally posted by Josh Alballero on LinkedIn