Honing in on your true brand competitors, rather than the entire competitive landscape, can help you decide when to pivot versus when to double down on your strategy.
For our purposes, let’s define a true brand competitor as one that vies with you for ideal opportunities, or is emerging as a new alternative. Your ideal opportunities could include an attractive project, a new team member, or a strategic partnership.
If you ‘always’ or ‘never’ beat a rival brand, I would argue that they aren’t really your competitor. And every brand either has rivals or will have them soon — Zepbound is coming for you, Wegovy.
To be considered a true competitor, a brand needs to be in your league and vice versa. So, who are yours? These are a few fast ways to find out.