Everything is connected.
To some extent or another all goods and services compete, partner, substitute, enhance, as everyone is after a bigger “share of wallet” .
For example, a few years ago we researched the dentistry sector. Our starting point was that dentists compete geographically with each other – and this is the case. But the biggest competitors to a dentist are new cars, luxury holidays, and home extensions. Emergency treatment aside, many people would rather have a new car than improve their smile.
Another example, my former marketing agency once pitched for a major account, and the decision to go with us ended up being a competition between our advertising campaign and a new IT infrastructure, they couldn’t afford both.
Understandably, many leaders study their market in detail, but often fail to consider other influences which might be more significant.
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