It’s easy. Just see what your top competitors are doing right and wrong and learn from both. See how they connect to new customers and how customers respond to their approach. Competitive analysis is one component of target market research, which is the process of seeing how viable your new products and services will be among its intended demographics. It involves doing primary and secondary research on your offerings.
Primary research is first-hand data about your target market. Secondary research is the data from public, commercial, and internal resources that tell you about important market trends, relevant statistics, industry data, and sales information, helping you understand your market in a broader context. Choose the method that makes the most sense for your business, and proceed from there.