Competition is the keystone of a capitalist society. And every entrepreneur knows that in order to succeed in any business endeavor, it is essential to compete to attain the largest market share possible.
But in order to effectively compete, one must fully be aware of the other competitors in the field and how they operate their businesses. After all, in order to “build a better mousetrap,” one must fully comprehend how the current mousetraps on the market function, and the methods used to market them.
It’s not enough to simply make others aware of your products or services. It is absolutely essential to convey your “unique selling proposition’ in all of your marketing efforts.
And in order to effectively delineate your “USP,” you must first fully understand your competition, and how they market their goods or services. After all, if you wish to elevate yourself over the pack, you must very clearly ascertain their marketing efforts and completely understand their business operations.
It takes time, effort, and careful study to properly posture your business in the competitive arena.
But the survival of any enterprise depends on it!
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