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Who are your competitors?
"Oh, we don't have any competitors. No one really does what we do."
I can't count the number of times I've heard otherwise smart executives give this answer. Nor can I think of a company or situation where it's actually true.
The really dangerous thing about that statement is that it leads to ignorance, which can lead to being blindsided. If you truly think you haven't any competition, you won't watch the market. You won't see the disruption coming. And you won't be able to react to problems or capitalize on the opportunities that competitive shifts can create.
When it comes to your competition, the answer isn't to put your head in the sand. It's to actively and regularly study that competition. And not just who you think is the competition, but who your market thinks is your competition.
So, how do you do that? How do you learn about your competition and decide which part of that knowledge you should (and shouldn't) care about? That's what we tackle in this issue of Pragmatic Marketer, thanks to the help of some great contributors, a real-life case study and, as always,
a slew of tips and best practices you can put to
work immediately.
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