Understand your competitors
Knowing who your competitors are, and what they are offering, can help you improve your products, services and marketing. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
You can use this knowledge to create marketing strategies that take advantage of your competitors' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.