No business works in solace and never does a business idea remain unique for long. In this highly competitive environment, it becomes essential to assess the competitor if a business wants to thrive. It has always remained a very important aspect of the business strategy development. The businesses who tend to ignore the competition tend to go way out of the league and the ones who just copy their competitors succumb under the pressure of their competition and lose their identity.
Running a direct and indirect competitor analysis helps businesses drive a unique product or strategy. It helps business identify:
- Competitive advantages or disadvantages of their set of products and services
- Assess the future of the product or services by understanding the past and present strategies of the competitors
- Take informed decisions and take a competitive lead against the existing and budding competitors
- Helps business price the product appropriately to garner interest and benefits the customers at the same time