BizSugar.com › Management › How to Conduct a Competitive Analysis

Many small business owners believe they offer something their competitors can’t, and that customers will come running to get it. But being successful — and even getting financing — requires more than your ego. Performing a competitive analysis is the best way to understand what you’re up against, and how your company or idea stacks up. Its findings help you understand your position in the market so you can identify opportunities, understand consumer behavior, make better decisions and develop marketing messages.