Why is competition an important factor that has to be studied before putting up a business?
There are two things you most need to study before launching your business and that is who will be customers (target customer) and your competition.
Why do you need to know about your competition?
- Competition validates there is a fertile market.
- So you know how to price your products/services.
- So you can create an attractive USP based on your competitive advantage.
- Create an enemy for your staff to want to overcome.
- Great marketing needs a villain, target, and or contrast all of which studying and or using your competition for helps.
- Use your competition as your measuring stick for success.
- Carve out a niche between your competitors.
