Competitive research is crucial for several reasons:
Identifying Market Gaps: Understanding what competitors offer can help you identify unmet needs in the market, presenting opportunities for differentiation. Strategic Planning: Insights gained from competitive research can inform your business planning, from product development to marketing strategies. Risk Mitigation: Awareness of competitor moves can help you anticipate market changes and mitigate potential risks. Benchmarking: By comparing your performance with competitors, you can identify areas for improvement and set realistic goals.