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Strategic Competitive Intelligence gives you the edge over your competition
Your competitors can be your best source of information. Use them to your advantage.
Whenever you undertake any kind of marketing, one of the first things you should do is evaluate what your competitors are doing. The idea is not to simply copy them, but to actually learn from them and try to identify things that you can do that can differentiate you from your competition.
It could be slightly different products or services. It could be as simple as opening your shop one hour earlier or staying open two hours later. Think about differentiating your business and use the competition as a simple point of reference. Once you can identify their strengths and weaknesses you can plan your strategy and identify how you can make your business more meaningful to your potential customers.
Don’t be afraid to copy your competition, but similarly, don’t be afraid to develop new or unique ideas. It is these new or unique ideas that will set you apart and make you relevant to the customer.