Who are the main competitors in your target market, and what makes them your main competitors? How will you beat them? Use competitor analysis to:
- Identify the strength and weakness of your photography business competitors.
- Search for opportunities to distinguish your photography company from competitors.
The first step is to determine who your direct and indirect competitors are.
The direct competitors consists of other photography businesses that offer essentially the same services to the same people as you do.
Indirect competitors are various options that customers have to purchase from other than direct competitors. These include amateur photographers and DIYers with smartphones
You must mention such a competitors to observe that you are aware that not everyone who requires photography does so through a professional photographer.
Once you’ve identified the competitors, concentrate on the direct, head-to-head competitors, since they are the most threatening to your photography business — but keep an eye on the indirect competitors as well, just in case.
Provide an overview of each direct competitor’s business and detail their strengths and weaknesses.
You will be able to position yourself competitively in the market if you perform proper competitors research. Perform a SWOT Analysis to learn your competitors’ strengths, weaknesses, and competitive advantages in the following areas:
- Prices – Are they offering cheaper photography services or more costly than you and other competitors, what value do buyers get for that price?
- Quality – Are they offering better quality photography, the perceived worth in the eyes of the customers
- Customer service – How they respond to their consumers, whether they treat them poorly or well, and the degrees of satisfaction customers show
- Reputation — The sum of everything mentioned above: their credibility, how loved the brand is, and the loyalty of their customers
The final section of your competitive analysis should include a list of your areas of competitive advantage. for example:
Are you going to offer premium photography services? Will you offer unique photography styles and services that your competitors don’t offer? Will you offer better pricing or will you offer greater customer support?
Consider how you will outperform your competitors and include them in this portion of your business plan for photography.