When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?

When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?

Answer

It can enable you to offer discounts that compete directly with your competitors’ pricing
It can identify how your offering is different in comparison to your competitors
It can give you deeper insight into the market and their approach
It can reveal which additional regions you could be operating in so that you can grow your business