It is important to understand the strengths and weaknesses of your business rivals and compare them to those of your business and then find gaps in your market. Conducting competitive research and performing a detailed competitive analysis on your business will help you develop a marketing strategy that strengthens your online position and expands your market share.
A sound competitive analysis will help you identify your strengths and weaknesses relative to direct and indirect competitors. You must have a thorough understanding of who your top competitors are in order to achieve and maintain a competitive edge in reaching your target market ahead of the competition.
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