Ebuzznet

Web Design and Blogging

  • HOME
  • SEO
  • TECH
    • ANDROID
  • BLOGGING
    • DEALS
    • REVIEWS
    • MAKE MONEY
  • WEB DESIGN
    • WORDPRESS
    • THEME
  • SOCIAL
    • FACEBOOK
    • TWITTER
    • LINKEDIN
  • BUSINESS
  • CONTACT

The Importance of Knowing Your Business Competition

Home > Small Business > The Importance of Knowing Your Business Competition

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.


Infographic Design By UAB

Filed Under: Small Business Tagged With: business

About the Author

Tech and Small Business Blogger

How to Update TomTom Map


Update TomTom Map for Free

How to Install Android OS on Computer (Windows, Mac, Linux)

5 Best Website Analysis Tools For Internet Marketers

3 Reasons Cleaning Services Could Be A Top Business Idea In 2022

Salesforce Data Migration Tips For Administrators

5 Tips To Select a Reliable Web Hosting

Internet Backup For Business

7 Steps To Trade Show Heaven

Top 3 Reasons Why SEO Is Still Needed In Today’s Business

Make Running Your Business Simple With This Guide

Adobe Document Cloud and Acrobat DC – Review

Top Tips: An Android Or The Iphone?

10 Steps to the Ultimate Car Dealership Business

SEO Trends for 2013

What Is Business Intelligence and What Can It Do for You?

Why it helps to plan before using an Online Website Builder

Social Media Boosts The Tourism Industry

A Blogger’s Technology Guide to Grow and Retain the Audience

How Dedicated Gaming Servers Improve Your Gaming Experience

Making Your Online Business as Secure as Possible

Common Mistakes Made By New Company Bosses

4G-Weighing Up the Pros and Cons for Smartphone and Tablet Users

How To Find Success With Your Website

Why a GSM Gateway is The Perfect Small Business Companion

YouTube Is Closing! Google Nose and Gmail Blue is Coming

Ecommerce Website Builder – Create an Online Shopping Store

The Top 3 Trends In Twitter Marketing For 2013 – eBuzznet

Must Have Travel Gadgets

Boat School of Varanasi- A Magical World of Learning For Ganga Children

Go Clair: Breathe easier; live healthier with this Innovative Home Air Purifier

6 Ways to Protect Your Business from Disaster

Recipe Manager App for iOS Devices

Recipe Manager App for iOS Devices/

Ebuzznet, All Rights Reserved Web Design and Blogging | Free Blog Setup | Write for Ebuzznet | About Us | Contact Us | Privacy Policy | Disclaimer