A company rarely competes against just one competitor. In many cases, the biggest competition in the SaaS and tech industries comes from indirect competitors who hold a commanding position in their core market and then expand into different industries.
An effective GTM strategy requires a deep understanding of your ideal customer, market and competition, product offering and pricing, and the channels that give you access to customers. Analyzing your market dynamics and competition helps you reach these customers and determine how your company and your product fits in the current environment.
A good competitive analysis identifies the strengths and weaknesses of your company in relation to its alternatives. You need a keen understanding of your ideal customer and the market so that, when you launch, your product is positioned correctly in the ecosystem of all products and services.