Knowing who your competitors are is critical to your business's success.

• To better understand your company's strengths, weaknesses, opportunities, and threats, conduct a SWOT analysis.

• Find out who your competitors are.

• Find out what your competitors are selling.

• Examine the sales methods and outcomes of your competitors.

• Examine your competitors' pricing, as well as any benefits they may offer.

• Take a look at how your competitors market their items.

• Learn about the technology stacks that your competitors are employing.

• Examine the social media presence, methods, and platforms used by your competition.

Find out who your competitors are:

• To properly evaluate the numbers, you must first determine who you are truly competing with. What works in a similar industry to yours might not work in yours.

• So, what are your alternatives?

• Create direct and indirect groups for your "competitors."

• Companies who provide a product or service that is a close substitute for yours and operate in the same geographic region as you are considered direct competitors.

• A company that sells things that aren't identical but may meet the same consumer need or solve the same problem is an indirect rival.

Find out what things your competitors sell:

You should look at their entire product line, as well as the quality of the items or services they offer, their price, and any discounts they offer to customers.