Know where you are...so you can proceed in the right direction
Nothing is permanent except change
You have a great product or service and a steady client base. You are confident in what your brand has achieved, but you are already looking or the next set of challenges.
You are quite wary that your competitors are already looking for ways to take market share from you. Having the latest intel on your existing market, markets you are looking at or new markets you could enter will give you an advantage in your decision-making.
Watch them...they are watching you!
If you want to stay in business and even gain an advantage over your competitors, you need to know who you are up against. You need to know who is entering the market, who is leaving it, what unique systems and processes, offerings, pricing strategies, and other weapons are being adopted and used against your firm. Competitive analysis tells you how your company is performing in the market and what you need to do in order to stay relevant.
Stay ahead of the pack
Companies that understand their industry - its history, its present state and how it is trending toward the future are those that can react to changes faster than others.
They are the ones that not only last but are also the ones that tend to shape the future.
Lead the change. Drive the pack.