In GrantTree, I've lost count of the number of times when, upon being asked about competitors, the client declares that "we don't have any competitors, what we do is unique".
Unfortunately, this mindset is wrong. Here's Des Traynor's take on it:
McDonalds and Weight Watchers are selling wildly different products, but they’re competing for the same customers. This is what we call indirect competition. Note that this is different to competing on outcomes. Video Conferencing & Business class flights compete on outcomes. In that case, they’re both hired for the same job (business meetings).
Spot on. The rest of the article explains how to make use of this insight in practice, with a real-life example. Read it now.