Be very careful when you are too focused on your closest competitor. You will start to mirror them. Unconsciously (sometimes purposely) copying in an effort to react to what they do. Eventually, you will lose your distinctiveness and differentiation. Soon every smaller brand will nibble on your market share (and those of your closest competitor).
If your market share and your closest competitor is shrinking and the smaller brands are getting your shares; chances are you both are too much alike.
How do you define competitors?
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