A competitor brand is a rival brand that offers similar products or services for the same people as an existing brand, and trys to gain a higher market share, increased revenue, profits, visibility, audience, and outgrow the rival brand by stealing their customers with better marketing strategies.
There is no industry where competition doesn't exist, businesses are exposed to competitors daily, and they have to face it.
For the new businesses, surviving in a field where other big companies are capitalizing is even harder, and that's why their marketing strategies must be well made.
Example of Brand Competition
Brand competition is happening everywhere all the time. But the way that this process is happening has different forms.
1) A brand faces direct competition from other competitors in the market that offer similar products or services, plus they have the same target public.
The goal, in this case, is to have the highest amount of market share than the CompetitionCompetition.
It is essential to always keep an eye on other brands in the same category as you, watch their strategies and techniques, and improve yours.
2) Indirect Competition occurs when two brands have similar products or services. Still, nature, attributes, and some features are indifferent from each other, plus the business strategy and the goals are different also.
3) Replacement Competition is one of the trickiest situations because customers are drawn to other brands for their products and not yours even though the clients were devoted to your product until that moment.