To succeed in business, it is important to know as much about your competition as possible. This includes your indirect, as well as direct, competition. Indirect competition can be companies that offer different products, but their products may meet the same needs as yours. You should have a list of your major competitors in each market that you do business. Make a note of what they do well and do not do well in all facets of the business. Look at how you compare in each area from marketing, to customer service, and to the quality of products offered. By doing this, you will know what areas you must improve to gain in the marketplace.
Competition is not a bad thing. Others competing for the same customers give credibility to what you are doing. All you need to do is to make sure you are the best. Several years ago, the company Fitbit hit the market with its wireless fitness tracker. The tracker succeeded from the beginning. But according to Fitbit co-founder and CEO James Park, when larger companies like Nike and Adidas entered the market with their own versions, they instantly legitimized the wireless tracker as a genuine mainstream product.