Used as a redox indicator in analytical chemistry, this compound changes color in response to oxidation-reduction reactions, making it valuable for titrations and detection of electron transfer processes. It is also employed in the synthesis of dyes and pigments due to its conjugated structure and intense color. Additionally, it serves as an intermediate in the production of specialty organic compounds, including sensors and electroactive materials. Its ability to stabilize charge-transfer states makes it useful in research related to organic semiconductors and photochemical systems.