Keep Up With 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 studyconducted by professors at UCLA and Stanford University showed mostbusiness owners are clueless when it comes to assessing theircompetition. Most of those surveyed misread their competitors'strategies, seeing reactions that simply did not occur. What'sworse, 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--putyourself in their shoes, and analyze their strategies. Visit theirstores, and use the Internet to dig up as much information as youcan about them, their tactics and their goals.