Pam Slim says, “Obsession with the competition is a luxury of the over-funded.” She tells of someone she once knew whose focus on his competition was self-destructive. “…some business owners get so focused on every move a competitor makes that they completely lose focus on their own business.”
So know who is potentially your competition and figure what you can do to win your share of the business. As Pam puts it:
If you are Intel, you may have an army of lawyers and consultants to track and monitor every move AMD makes. If you operate in a niche desired by Larry Ellison, you should watch your back, as you never know when he will feel like flattening your business by landing on it with one of his noisy jets.
But if you are Jane the Dog Walker with a small practice in Boise, Idaho, or Matthew the Marketing Genius in Boston, Massachusetts, your real focus should be on studying and understanding the feelings, aspirations, problems and desires of your target audience. When you do this, you will naturally grow your business in the right direction, and serve your people in a way that makes them feel truly special.