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๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—–๐—ผ๐—บ๐—ฝ๐—ฒ๐˜๐—ถ๐˜๐—ถ๐—ผ๐—ป ๐—ฆ๐˜๐—ฎ๐—ฟ๐˜๐˜€ ๐˜„๐—ถ๐˜๐—ต ๐—ž๐—ป๐—ผ๐˜„๐—ถ๐—ป๐—ด ๐—ง๐—ต๐˜†๐˜€๐—ฒ๐—น๐—ณ


โ€œ๐ˆ๐Ÿ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ ๐ญ๐ก๐ž ๐ž๐ง๐ž๐ฆ๐ฒ ๐š๐ง๐ ๐ค๐ง๐จ๐ฐ ๐ฒ๐จ๐ฎ๐ซ๐ฌ๐ž๐ฅ๐Ÿ, ๐ฒ๐จ๐ฎ ๐ง๐ž๐ž๐ ๐ง๐จ๐ญ ๐Ÿ๐ž๐š๐ซ ๐ญ๐ก๐ž ๐ซ๐ž๐ฌ๐ฎ๐ฅ๐ญ ๐จ๐Ÿ ๐š ๐ก๐ฎ๐ง๐๐ซ๐ž๐ ๐›๐š๐ญ๐ญ๐ฅ๐ž๐ฌ.โ€


Sun Tzuโ€™s words* may apply to business competition.


๐—–๐—ผ๐—บ๐—ฝ๐—ฒ๐˜๐—ถ๐˜๐—ถ๐˜ƒ๐—ฒ ๐—ฎ๐—ป๐—ฎ๐—น๐˜†๐˜€๐—ถ๐˜€ helps you identify growth opportunities, improve your value proposition**, and learn new ideas and trends.


To conduct a comprehensive analysis:


๐——๐—ถ๐˜€๐—ฐ๐—ผ๐˜ƒ๐—ฒ๐—ฟ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฒ๐˜๐—ถ๐˜๐—ผ๐—ฟ๐˜€ by listing companies with similar products or services as well as those serving related needs.***


๐——๐—ฒ๐˜๐—ฒ๐—ฟ๐—บ๐—ถ๐—ป๐—ฒ ๐˜„๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ฒ๐˜† ๐—ผ๐—ณ๐—ณ๐—ฒ๐—ฟ (e.g. product, services, and prices). Note: With lost deals, ask prospects why they chose competitors.


๐—ฅ๐—ฒ๐˜€๐—ฒ๐—ฎ๐—ฟ๐—ฐ๐—ต ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐—ถ๐—ป๐—ด ๐—ฎ๐—ป๐—ฑ ๐˜€๐—ฎ๐—น๐—ฒ๐˜€ content and channels


๐—˜๐˜…๐—ฎ๐—บ๐—ถ๐—ป๐—ฒ ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—ฝ๐—ฟ๐—ถ๐—ฐ๐—ถ๐—ป๐—ด ๐—ฎ๐—ป๐—ฑ ๐—ป๐—ฒ๐—ด๐—ผ๐˜๐—ถ๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€


๐—ฃ๐—ฟ๐—ถ๐—ผ๐—ฟ๐—ถ๐˜๐—ถ๐˜‡๐—ฒ ๐˜„๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ฒ๐˜† ๐—ฑ๐—ผ ๐˜„๐—ฒ๐—น๐—น


But BEWARE - While there are benefits here, obsessing over competition disrupts your vision and growth by reacting to others instead of innovating yourself.


Competitive research can offer amazing insights. Done correctly, youโ€™ll capture new ways to stand out and benefit customers.


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* The full quote: โ€œIf you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.โ€ โ€• Sun Tzu, ๐‘‡โ„Ž๐‘’ ๐ด๐‘Ÿ๐‘ก ๐‘œ๐‘“ ๐‘Š๐‘Ž๐‘Ÿ


** See article on Value Proposition here: https://bit.ly/3f69czx


*** An example of serving related needs is if you are McDonalds, you may review all fast food restaurants, not just those serving burgers and fries, since they also provide quick and cheap meals.


Photo by Europeana (Europe's digital platform for cultural heritage) which can be found here: europeana.eu

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