Keep Up With the Competition

If you really want to succeed, you'd better keep an eye on the competition.

Do you know what your competition is up to? If you don't, you could be in big trouble--and not even know it. A recent study conducted by professors at UCLA and Stanford University showed most business owners are clueless when it comes to assessing their competition. Most of those surveyed misread their competitors' strategies, seeing reactions that simply did not occur. What's worse, almost 80 percent were blind to their opponents' actions, which can lead to losing both customers and market share. But you can learn to deep up with your competition. Role play--put yourself in their shoes, and analyze their strategies. Visit their stores, and use the Internet to dig up as much information as you can about them, their tactics and their goals.

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