Never underestimate your competitors. Analysing your competition is very crucial to the success of your business. Even if you have a very unique product or service, you should still anticipate the reaction of competitors to your business model and market entry.
In order to get your business ready for market entry, we can carry out a comprehensive competitive analysis and devise sound strategies to improve your competitive advantage. Some of the ways these would be achieved are:
Researching your competitors
Identifying the strengths and weaknesses of their value propositions and business models in comparison to yours
Identifying the segment of your market they sell their products and services
Examining their marketing efforts and how they relate with their customers
Examining their brand and predicting how your potential customers would respond to yours