Competitor analysis is the process of identifying and evaluating your business rivals to understand their strengths, weaknesses, strategies, and market position. It helps you uncover opportunities, anticipate industry trends, and refine your own strategies to gain a competitive edge. By studying competitors’ products, pricing, marketing tactics, customer feedback, and market presence, businesses can make informed decisions and improve their offerings. Effective competitor analysis enables businesses to stay ahead by identifying gaps, differentiating their brand, and responding proactively to market changes.