Overview

Competition in a business sense is the contest between people and organizations that provide similar products or services or that target the same audience of consumers. Competition revolves around converting and retaining customers, increasing revenue and gaining market share.

This cycle of risk and renewal is actually beneficial to the people who matter most, buyers and consumers. This is a fundamental force of economics that makes things more efficient, higher quality and cheaper as a cornerstone of capitalism. Competition is good for society and without it economic and technological progress would slow or stop.

The following are 30+ types of competition.

Price
Price is perhaps the most common form of competition as products that fail to stand out in the market can only compete on price.

Promotion
Ads, sponsorships, and other types of promotion that help products and services stand out as unique or different. In many cases, promotion does nothing more than associate a deliverable with a positive emotion or idea.

Niche
Serving a small market with unique preferences, needs, tastes.

Positioning
Developing products that fill a specific position in the market.

Location
Location. Location. Location. Convenient locations. In some cases, prime locations such as affluent areas also help as they can make a brand seem luxurious.

Sales
Hiring and training skilled salespeople.

Technology
New or superior technology in areas such as products, operations or marketing.

Cost
Being a or the low cost producer. In some industries, cost is the only competitive advantage possible because price is set by the market (aka customers) with no discernible difference between products.

Features
Product or service with superior features such as a phone with a touch screen.

Customer Experience
CX is the overall experience that buyers receive.

Values
Socioeconomic values that the market identifies with such as sustainability.

Innovation
New ideas, models, ways of thinking that leaps beyond the current state of the market.

Risk
The ability to navigate risk and regulation more successfully than the competition.

Figure Of Merit
Competing on a measurable aspect that buyers value such as the efficiency.

Time to Market
Being the first to get deliverables to market with an anticipated product, service, or new feature.

Sustainability
Products or services that don’t harm the environment over their full lifecycle.

Distribution
Advantages in getting goods to buyers such as strong partners.

Customization
Allowing buyers to control the features of their products and services.

Reputation
In many industries, reputation is the most important durable competitive factor.

Social Status
Social signals such as an influencer who has celebrity friends or tons of followers.

Scarcity
Offering something nobody else can.

Speed
The ability to execute a service quickly… like Amazon’s shipping time.

Experience
A list of accomplishments such as a hedge fund with an established history results.

Scale
The ability to produce and deliver at scale can lower unit cost and allow organizations to serve large markets and customers.

Scope
Offering a broad range of products that compliment each other in some way.

Art & Design
Intangible qualities that capture the imagination of buyers such as aesthetics.

Time & Place
Being in the right place at the right time such as an ice cream vendor at a parade on a hot day.

Experiential
Producing things that feel once in a lifetime such as music festivals that are never the same twice.

Quality
Products, services and experiences that can be perceived as superior in the eyes of buyer.

Relationships
Personal or brand relationships with buyers.

Legacy
A well known history associated with an organization that gives it a strong presence in an industry or market.

Storytelling
Communicating a person or company’s value in a compelling way using storytelling.

Awareness
Brand awareness is simply the idea that customers tend to prefer goods they have heard about and may avoid the unknown.

Vision
Painting an inspiring picture of a company or industry’s future or the future in general.