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Competition and precedent events with similarities
Competition and precedent events with similarities
Who are our closest competitors? How are we similar and how does our event differentiate from theirs? Have there been any precedent events that have a concept similar to ours? Where they successful or not? What can we learn from their experience?
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Search for potential competitiors based on location, event category, concept and or date
Identify and categorize competitors (shooting target model)
The Shooting Target Model (Skydeskivemodellen)
The Shooting Target Model (Skydeskivemodellen)
The shooting target model is used to identify which competitors you have on the market, and is usually the first point to go through in a competitor analysis. The model shows which competitors the company is in the most intense competition with. It is thus also typically the competitors that one should pay the most attention to, as it is these that pose the greatest threat to the company. However, keep in mind that the company's competitive position consists of more than just this model, as this only identifies who the competitors are, and not your event's current position on the market.
The four elements of the shooting target model
The four elements of the shooting target model
The shooting target model is built up as a shooting target with four different "rings". The rings each represent different stages of competitive similarities between the company and its competitors. The further you get into the model, the closer the competition will be between the event and the competitors.
All products
In the outer ring of the model you will find all products, which means that this is a very broad competitive situation. The company struggles with all providers of virtually all products for consumer disposable income. This means that a toothpaste provider is also in competition with a shoe manufacturer. This means that all companies that offer products that meet different needs are still in competition with each other, despite covering different needs of consumers.
The same basic needs are covered
When we talk about meeting the same basic needs, we are talking about competitors who do not necessarily offer the same products, but who cover the needs of the consumer in different ways. This could e.g. be providers of trains and air travel. Two such companies will be in competition with each other at this level in the model. This is because both companies offer a journey from point A to point B, which will essentially be the need that the consumer needs covered.
Same product category
When we talk about companies competing in the same product category, we will be talking about the types of companies that offer the same type of product, but at different price ranges. Here again, one could take the airlines as an example. There are many different airlines that offer the same travel, and thus cover the same needs of the consumer, but which are sold at very different prices and with very different quality. An example of this could be comparing Ryan Air and SAS. SAS has significantly higher prices and higher service quality than Ryan Air.
Same product for the same target group
Here one moves into the tight competition. The company and its competitors will typically offer pretty much the same product at the same price. The intensity of competition in this part of the model will be very strong. The company and its competitors are fighting for customer attention through promotional efforts. An example of two companies offering the same product to the same target audience could be Ryan Air and EasyJet. They offer cheap flights to many of the same destinations.
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