Success in sales is measured not only in profit, but also - and crucially - in comparison to similar businesses and companies selling similar products. This is competition, the foundation of capitalism, and what keeps any one company from controlling the market - that is, establishing a monopoly over a certain business sector. This keeps prices down and innovation growing, ultimately benefiting both consumers and businesses.
Monitoring Your Competitors: Firstly, you will have to identify which providers are like your business. These businesses or sellers can be direct competition or indirect competition.