| Ingredient 7. | Know What Competitors Are Up To |
“A wise man gets more use from his enemies than a fool from his friends.” —Baltasar Gracián, Jesuit and writer
The Problem
Companies fail to capitalize on great opportunities until it’s too late.
The Solution
Conduct competitor analysis and try to stay one step ahead at all times.
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Become a customer. Experience a competitor’s products and services. Try to get feedback from other customers, too, and compare product offerings using benchmarking tests to highlight deficiencies as well as areas for improvement.[18]
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Monitor social media. Track brand sentiment across popular social ...
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