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The goal for marketers once segments have been selected is to prioritize those that are likely to be most responsive. Competition is an important factor in considering which segments to focus on. If a major competitor has already chosen a particular market segment, that segment might not be as promising to you as another segment that has not yet been selected by the competition.

Consequently, when considering which specific market segments to target, it is important to consider the activities of the competition — both direct and indirect competitors.

Direct competitors are fairly obvious. Target is a direct competitor for Walmart. Red Lobster is a direct competitor for Outback Steakhouse. Indirect competition can be more difficult to identify and is sometimes overlooked as a consideration.

Indirect competitors represent alternatives to your product. For instance, indirect competition for Target and Walmart could be a wide range of other stores, both brick and mortar and online. Local grocery stores (or eating at home) represent indirect competition for both Red Lobster and Outback Steakhouse.

Thoroughly understanding the competition for your products and services — direct and indirect — can help you to be more precise in targeting specific segments that are most likely to respond to what you have to offer. You will want to target those segments where you believe you can have the most impact because the attributes of your products or service (e.g., quality, price, service, etc.) are competitive when compared to these other options.

Keep in mind, though, that the segment that offers the most in terms of numbers of potential customers is not necessarily the segment you should select. These obvious segments have most likely already been targeted by your competitors. Your best opportunities may be in smaller segments that have not yet been pursued by others — even though the numbers may be smaller, the potential for positive impact will be greater.