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That’s why including different kinds of competitors (big and small, direct and indirect) into the analysis is critical if you want the results to be comprehensive. The competitors you pick for the analysis determine the insights you’ll get at the end, and the decisions you’ll make, based in part on those insights. If you’re serious about competitive analysis, it’s not enough to just evaluate the two Industry Leaders everyone’s talking about (that kind of analysis will likely get you depressed real quick). I can sense you rolling your eyes at me, but hear me out.
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