You eat there because you like their food a lot more.
You also eat there because the Baconator cheeseburger is good! Talk about what you offer that just blows people’s minds.
Knowing who also has a share of the market is part of that risk mitigation process.
You can really compete if you don’t know who you’re dealing with.
Defining your competition is an important consideration, as you need to be careful not to define it too narrowly.
If you fall into this trap, it is likely that competitive or substitute offerings can enter the market unexpectedly and disrupt it significantly, catching you off guard.
You’ll save money and time if you put in the work on the front end.
Part of being successful in business is identifying and mitigating risk.
The competitive analysis section of your market analysis is essential.
Knowing your competition is as important as knowing your product and your customer.