How do you work out your market position against competitors?

You work out your market position by comparing your competitors step by step on price, service, quality and how customers experience their work. Start by finding out who your direct and indirect competitors are, gather reliable information through online research and conversations with customers, and lay your performance against theirs as honestly as you can. Turn what you learn into a few concrete actions.

What does market position actually mean, and why does it matter?

Market position is how customers and the market see your business compared to competitors. It's not the same as market share: it's not about how much you sell, but about how customers judge your value, your quality and your service against everyone else's.

For businesses in catering and events, that matters even more, because customers almost always request three quotes before choosing. Your market position decides whether you're the cheapest in that line-up, the most luxurious, or the one with the best value for money.

Once you know where you stand, your choices about pricing, marketing and service get a lot sharper. Customers can only see your value once you know yourself where it lies. You'll also spot sooner where there's room to grow, and where a competitor is catching up with you.

Which competitors should you actually analyse?

You keep an eye on three types of competitor: direct, indirect and future. Direct competitors offer the same thing as you, to the same customers. Indirect competitors solve the same problem in a different way. Future competitors are parties that could still enter your market.

For a catering business, direct competitors are the other caterers in your area. Indirect competitors are restaurants that do catering on the side, or the supermarket with ready-made buffets. Future competitors are new players with a different concept, or a chain expanding into your area.

Don't just look at the biggest names in your market. The small, local competitors are often far more important for your day-to-day turnover. They're chasing the same customers and run into the same things you do.

How do you gather reliable information about your competitors?

Start with online research: their website, their social media and review sites such as Google Reviews or TripAdvisor. Look at their menus, their prices, their photos and the tone they use with customers. Note what kind of events they do and how they present themselves.

Ask your own customers about their experiences with others. They'll often tell you freely why they chose you, or what happened elsewhere. That gives you information no website will show you, and you hear straight away which things customers really weigh up.

You can also drop by an event where a competitor is catering, but do it politely. Never go looking for what happens behind the scenes, and don't pretend to be someone else. Look at what's simply visible: the presentation, the service and how guests react.

Talk to your suppliers and others in the trade. They're in and out of everyone's kitchen, and they spot which way the market is moving before you do.

What are the main things to compare?

Price is usually the first thing a customer looks at, but don't just put the numbers side by side. Look at what value is delivered for that price: the quality of the ingredients, the service, the presentation and the extras.

Service, and how a customer feels they're treated, often tips the balance in catering. How fast do competitors respond to an enquiry? What do their quotes look like? Can a customer easily change something without having to ring three times?

Other points to lay side by side:

• Quality of the food and the presentation
• Room for changes to the menu
• How far they travel and when they're available
• Marketing, and how visible they are online
• What they specialise in
• The staff, and how they behave at an event

How do you make a fair comparison between yourself and competitors?

Use a score from 1 to 10 for each point, and fill it in for yourself too. Be honest about your weak spots: this isn't brochure copy, it's a list that makes you better.

Ask your staff and a few regular customers for their score. They see things you no longer notice, because you're in it every day. You might think you excel at service, and it turns out customers mostly value your speed.

Keep facts and assumptions apart. If you think a competitor is pricier, find an actual quote that proves it. Don't rely on something you heard at a trade show last year.

Focus on what matters to your customers. If you mostly do corporate events, it barely matters how good a competitor is at weddings. Compare yourself on the slice of the market where you make your money.

What do you do with the information you've gathered?

First find your strengths: the things you do better than anyone else. Put that value front and centre in your quotes and your sales conversations. Maybe you move faster, buy in better, or know your customers personally.

Also make a list of things you can realistically improve. If every competitor replies within a day and you take three, you know where to start. If their websites look better, that's your next job.

Also look for gaps in the market: something nobody does well. That's often where there's room for a new service or a specialism that sets you apart.

Finally, adjust your prices based on what you've learned. Sometimes you can raise your prices because you deliver more value than the rest. Sometimes you need to sharpen them just to get a seat at the table.

How Catermonkey helps you work out your market position

With Catermonkey you see your margin straight away per ingredient, per dish and per event. That lets you set your prices deliberately instead of guessing, and shows you where you have room compared to others. In Catermonkey, that margin sits right next to the quote, before you send it.

Catermonkey helps you look at your market position with:

• Tidy quotes that help you stand out from competitors
• Answering an enquiry quickly, so you beat others to it
• Cost prices that help you set your pricing
• A customer database where you track feedback and market information
• Overviews that show how you're doing and where things are heading

Because your way of working sits in one place in Catermonkey, you respond faster and more tidily than a competitor still juggling loose emails and a folder on the desk. A customer notices that difference from their very first enquiry, and that's where your market position starts. Want to see how Catermonkey works out for your business? Then get in touch.

Frequently asked questions

How often should I update my competitor analysis?

Run a thorough round of your competitors every three to six months, and keep an eye on the main ones in between via their social media and website. If something big shifts in the market, or a busy season is coming up, do a quick check in between.

What if I find out my prices are a lot higher than my competitors'?

Don't drop your prices straight away. First look at what extra you deliver. Maybe you buy in better, or you put more staff on an event. Tell customers what that added value is. If there turns out to be no real difference, adjust your prices step by step rather than all at once.

How can I compete with big players as a small catering business?

Focus on what you can do: personal contact, moving fast, local knowledge and making a call without a committee. Small businesses can say yes within the hour. Big players move slowly and rarely deliver real tailoring. Pick an angle where they do little, smaller events or a specific cuisine, for example.

What should I do if a competitor copies my prices or concepts?

Take it as a compliment and keep innovating. Keep your focus on what's hard to copy: your relationship with your customers, your team and the way you organise things. Keep coming up with new dishes and formats, and you'll simply stay ahead.

How do I stop my competitor analysis from taking too much time?

Put a fixed slot in your calendar for it and limit yourself to the three to five competitors who really matter. Turn on Google Alerts, so you get notified automatically whenever something about them appears online. Spread the work across your team and check their channels at moments you're at your screen anyway.

Should I also include international or online competitors in my analysis?

For local catering, foreign players barely matter, though it's worth looking at concepts from other countries for ideas. Online platforms that broker catering are direct competition, because they intercept enquiries that would otherwise have come to you. Make sure you include those.

How do I handle negative feedback from customers about competitors?

Listen, remember what went wrong and use it to sharpen your own service, but never badmouth a competitor. Steer the conversation back to what you do well and how you can help that customer. That builds more trust than joining in.

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