Example of a Substitute Competitor The name of your Name The Farm Café competitor What type of competitor Substitute Competitor They have a very similar ethos to our business sourcing all of their products from local – Type of are they and producers but they are a restaurant that specialise in cooked meals for breakfast and lunch. They have competitor background information been open for two years and have a very strong reputation locally. about them. What will you be We will be competing with them for the same customer’s spend while we provide ingredients to prepare – What will you be competing with them on and eat at home, they use the same high quality ingredients in their meals customers may choose to go – competing on Price? Convenience? out for a meal rather than buy the ingredients to cook at home. – Quality? Strengths of What does this High quality, sustainable, Locally sourced ingredients; Good reputation and very good reviews on competitor competitor do well? TripAdvisor; Provide very good service and have strong well followed social media presence. Due to the size and type of their premises (large restaurant) their overheads are much higher, and as they Weaknesses of What does this use more fresh ingredients that spoil their waste is higher, both of which mean their meals cost well in excess competitor competitor do badly? of average for the area and it is definitely perceived as whereas our products are priced in line “expensive” with, or are cheaper than comparative quality products at the supermarket. We will focus our marketing on the joy and advantages of cooking at home - we will provide free recipe on these factors Summary of how cards that will be available in the shop as well as on our website about how to get the most of the what will your business you will compete ingredients, as well as creating short videos showing fast and easy recipes busy people can use to prepare do, and what specific a meal with our ingredients in under 10 minutes. We also plan to launch free cooking classes featuring our with them activities will you engage more interesting products that are hard to source elsewhere to encourage people to buy them afterwards. in to make customers choose you instead?
Example of a Substitute Competitor Name The name of your competitor The Farm Café Type of competitor What type of competitor are they and background information about them. Substitute Competitor – They have a very similar ethos to our business sourcing all of their products from local producers but they are a restaurant that specialise in cooked meals for breakfast and lunch. They have been open for two years and have a very strong reputation locally. What will you be competing on What will you be competing with them on – Price? Convenience? Quality? We will be competing with them for the same customer’s spend – while we provide ingredients to prepare and eat at home, they use the same high quality ingredients in their meals – customers may choose to go out for a meal rather than buy the ingredients to cook at home. Strengths of competitor What does this competitor do well? High quality, sustainable, Locally sourced ingredients; Good reputation and very good reviews on TripAdvisor; Provide very good service and have strong well followed social media presence. Weaknesses of competitor What does this competitor do badly? Due to the size and type of their premises (large restaurant) their overheads are much higher, and as they use more fresh ingredients that spoil their waste is higher, both of which mean their meals cost well in excess of average for the area and it is definitely perceived as “expensive” whereas our products are priced in line with, or are cheaper than comparative quality products at the supermarket. Summary of how you will compete with them on these factors what will your business do, and what specific activities will you engage in to make customers choose you instead? We will focus our marketing on the joy and advantages of cooking at home - we will provide free recipe cards that will be available in the shop as well as on our website about how to get the most of the ingredients, as well as creating short videos showing fast and easy recipes busy people can use to prepare a meal with our ingredients in under 10 minutes. We also plan to launch free cooking classes featuring our more interesting products that are hard to source elsewhere to encourage people to buy them afterwards.