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To continue this dialogue, is there any other effective digital alternative(s) to identifying newly emerging competitors?
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Great exposure of some steps to follow in a competitive situation with known off and online direct competitors. The discussion question specifically ask for the identification of emerging newly indirect competitors, which are often digital sellers. New emerging competitors mean that you do not know they exist yet and in which segment of your marketing domain are they active (Kerin & Hartley (2018). Just consider, in a digital environment, scanning for an unknown true current, potential, adjacent, or SERP perceived substitute competitor is more difficult in breadth and depth (Goodwin, 2020; Eugene, 2019).
For example, assuming that indirect competitors of Apple are music streaming services such as Spotify and Pandora when in reality, this statement identifies direct Apple\’s competitors in a unique value (service) proposition for streaming music. Indirect competitors do not offer the same product exactly, but the result is the same by providing entertainment or a service adjacent to streaming music to let us say, Apple\’s customers (Fedsavvy, 2018). Spotify and Pandora are not newly emerging competitors; they are known to Apple. Hence, indirect competitors are harder to identify versus direct (known) competitors (Fedsavvy, 2018).
Reference
Kerin, R. A. & Hartley, S. W. (2018). Marketing (14th ed.). New York, New York: McGraw-Hill.
Goodwin, D. (2020, August 12). What is a SERP: A visual guide to google search results & features. Search Engine Journal. https://www.searchenginejournal.com/serp-search-engine-results-page-features-guide/377094/#close
Eugene, (2019, May 10). How to find competitors of a company? Best SEO competitor analysis tools. Spyserp.
Fedsavvy. (2018, April 9). How to conduct a competitive-environment scan. Fedsavvy. http://www.fedsavvystrategies.com/how-to-conduct-a-competitive-environment-scan/
SAMPLE SOLUTION
The backbone of a powerful marketing strategy is competitive research. After all, if an organization fails to identify its competitors and advertising approaches, it will find it hard to differentiate its operations and commodities from the rest. Direct competition is easy to identify, while indirect competition identification poses the most significant challenge. The organizations or businesses do not place or sell similar commodities but compete with other businesses digitally. The only thing they fight for out there is customer attention.
An organization leader has to become the best at looking at all kinds of competition that might impact the results. There is a need to keep sight of all competitors regarding business, patterns, and economics. This is because understanding…
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