April 25, 2006.
To pay attention to your competition or not, this is the question. There are definitely two schools of thoughts on this subject. Either you pay attention, or you don't. There are pro's and con's to both also.
So, let's say you don't pay attention.....you work merrily away, you pick up sales channels, you develop new products when you feel the need. You may go to trade shows, but only to get new sales. You may make calls, but you work in a vacuum. You decide that YOU know the trends best. You decide what to do, and who to do...um, do it to, or with. You are totally in control and you don't give a 'you know what' about anyone else.
What is wrong with this picture?
Well.....first of all it is very vain and ignorant to not pay attention to what your competition is doing. For example, I found out a competitor was cutting their prices, slashing them to be exact. I took this as a good sign. Reason: they are trying to grab sales, they are scrambling to get sales. I see this as a weakness, and I found it out by trolling different websites and realizing they had free shipping and even discounts on their products.
Secondly, they may be crawling up your backside, trying to under cut your partnerships. Checking out their websites, talking to other people in the industry will keep you up to date on their plans, their products. Now, don't get me wrong, it may be speculation but I have always gone with the thought, "Information is good, even if it is bad- knowing is ALWAYS better than not knowing".
You have to have your eyes and ears open at all times - do not obsess over it, but by all means be aware of it. This will keep you one step ahead of your competition.....and your sanity.
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