Sometimes I don’t know whom the main competitors are when researching an unfamiliar market. First stop to find out is to use Google.
Imagine that my client is Starbucks. I could then search on Google using ‘vs’ or ‘versus’ in keywords. See how a list of competitors appears. This search is also likely to elicit lots of information that has a competitive intelligence slant.
With competitive research it’s not just the direct competitors that you need to worry about, it’s the disruptors who enter your marketplace with new technology or services that solve your customer’s problems better. That’s when a comprehensive search of the market using free and paywall resources comes into play. The crucial thing here is to understand what market is in terms of the problem that your buyer wants to be solved, not just the product or service that you are selling.