When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?

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✅  The correct answer is:

It can identify how your offering is different in comparison to your competitors

Question:

When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?

Solution:

  • It can enable you to offer discounts that compete directly with your competitors’ pricing
  • It can identify how your offering is different in comparison to your competitors
  • It can give you deeper insight into the market and their approach
  • It can reveal which additional regions you could be operating in so that you can grow your business