Why do we do a competitive analysis?

One of the most common digital marketing interview questions is this one. You can respond to this by saying —

The strategic aspect is said to be competitive analysis. It is a key component of a company’s digital marketing strategy. It’s critical to recognize rivals and assess their methods in order to understand their strengths and shortcomings. Without doing a thorough competition study, determining a product’s USP (Unique Selling Proposition) might be difficult. It also aids in the formulation of strategies for recruiting specific customers.