Indirect Competitors

Indirect competitors are the competition that you never quite see, or rather, or never quite as obvious as you'd like.

These types of competitors cover all the other things that your customer could spend their money on, or your prospect could do instead of joing your company (which includes doing nothing).

How do we find out who they are?

There are various types of ways that we spend our money. There's all the types of non-discretionary spend such as fuel for the car, the weekly food shop, the utilities bills etc. Then there's the discretionary spend. After all the essentials have come out of our income, we get left with 'disposable' income.

This is the bit that normally amounts to about £3.50 (!) and we can spend it on what we choose to such as gym memberships, holidays, eating out, hobbies etc.

And so...we need to know where our customers could choose to spend their money instead of with us. This covers a whole multitude of choices, but you can start to narrow it down if you've profiled your target market fully and in-depth. Through doing this you will have a good idea about what they like to do in their spare time, what magazines they read, what they eat out and other such activities.

What You Can Do About Your Indirect Competitors

Ask yourself....What benefit/s can your product or opportunity offer that will be far better for your target customer or prospect so that they choose to spend their money (on indeed time in the case of your business opportunity) with you instead?.

Can you now see how important it is to have done the work on your features and benefits list? It gives you cast iron benefits that are a no-brainer as far as your customer/prospect is concerned when they decide that you are where they should be spending their hard-earned cash.

Your list of indirect competitors could be quite long, and you might find it difficult to reach an end. But try to get an idea of the types of things that your customer or prospect would spend their money on given their profile.

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