Research your industry and market trends

[Ehsanuls55]

Once you know your audience, explore your industry and current market trends. Identify the companies that influence your audience's decisions, even if they belong to different industries. This step will help you recognize patterns and align your strategy with evolving consumer behavior.

For example, if you're a food delivery service, you may notice indirect competition from grocery delivery apps, restaurants with takeout options, or even food blogs offering DIY meal prep ideas.

ClickUp Whiteboards
ClickUp Whiteboards: Market Research Made Simple for Competitive Advantage

Visualize market trends and competitors with ClickUp Whiteboards ClickUp Whiteboards make brainstorming and data visualization effortless.

**Whiteboards offer drag and drop functionality, allowing you to create a dynamic, editable visualization of your research.

For example, you can create a Whiteboard to create a flowchart showing how consumer preferences are changing between meal delivery, grocery services, and home-cooked meals. Add sticky notes for trends, arrows to show connections, and labels to categorize indirect and direct competition.

Additionally, ClickUp Market Analysis Template can help you structure your research. It offers pre-built australia accountant email list sections to record audience demographics, goals, and behaviors, saving time and ensuring consistency.

Step 3: Identify potential competitors
Now that you've gathered audience and market information, list potential indirect competitors. Think beyond the obvious choices to include companies that meet similar needs in different ways.

For example, a coworking space may indirectly compete with libraries, virtual meeting platforms, or conference rooms based on what audiences value most: cost, ambiance, or networking opportunities.