V. Competitive Analysis
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Direct & Indirect Competitors
The following establishments provide either direct or indirect competition for customers:
Mountainside ATMs is a small local ATM vendor that provides ATMs to local partners and businesses. They install ATMs at convenient locations around the city, primarily in front of other local small establishments.
While Mountainside ATMs will continue to thrive, they are a small operation and do not have the resources to be a major competitor to [Company Name]. They also have high fees with each withdrawal, which prevents customers from using their machines again in the future.
Fountain City ATM Inc.
Established in 2015, Fountain City ATM Inc. is an ATM vendor for businesses in the restaurant industry. They provide convenient and easy-to-use ATMs for food carts and local restaurants that only take cash for their sales. These machines help keep these businesses going and prevent them from losing cardholders as customers.
While Fountain City ATM Inc. will continue to thrive, they will only provide competition in the restaurant industry. Since [Company Name] sells ATMs to multiple industries, this will not affect our overall sales too much.
ATMs USA is a nationwide ATMs business that sells ATMs to businesses across the United States. They help any business that benefits from having a storefront ATM, including casinos and restaurants.
While ATMs USA will continue to thrive, their national presence prevents them from having a personal or local touch to their customer service. Many local businesses prefer to work with other local partners and therefore will be more inclined to work with [Company Name].
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s business is not limited to its location because ATM machines are portable and can be set up anywhere with electricity. Thus, it is easy to set up and distribute at all strategic points within the city.
- Great service: The company will offer in-house repairs, maintenance, and upgrades to every ATM machine that it manages.
- Management: Our management team has years of experience that allows us to market to and serve customers in a much more sophisticated manner than our competitors.
- Relationships: Having lived in the community for [X] years, [Founder’s Name] knows all of the local leaders, newspapers, and other influences. As such, it will be relatively easy for [Company Name] to build brand awareness and an initial customer base.