Whether you're a small startup or an established brand, understanding your category is critical to your success. The more you understand the rules and conventions of your industry, the better you can establish yourself in that market and reach your customers with targeted solutions. On the other hand, if you ignore this vital step in your company's growth, then there are many pitfalls that could lead to failure—such as failing to identify your competition and not understanding how consumers perceive products within their unique category.