Nearly all businesses face competition from others. Unless you have a product or service that is unique and solves a problem no other product does, you will be competing against other businesses. Knowing your business competition is vital if you want to perform well and position your business well in your industry. You should get to know your competition for the following reasons.
Understand Your Competitive Advantage
It’s always important to know your unique selling point (USP) and what exactly distinguishes you from others in your marketplace. You need to understand what it is that gives you a competitive advantage or, if you can’t identify anything, what you should be doing to stand out from other companies and offer more value. Without this, it will be difficult to market your products.
Know Your Marketplace
Knowing your business competition will also mean that you get a better overall picture of the marketplace that you sell within too. You will be able to develop an understanding of who you are selling to and what the landscape looks like so that you can target your efforts on that marketplace. This will help you get a better ROI on your marketing efforts.
Have a Clear Idea of Your Key Competitors
When you know your key competitors, you can do thorough research on them to be sure that you understand them. Find out what they’re doing well, how they could improve, all about their history and perhaps even what they are going to do next.
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