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On your own: Entrepreneurs must know the competition to win in the marketplace

This guy is absolutely correct in his assessment of knowing what competition is doing. My company did the kind of thorough review of competitor activities in our markets, and while doing so we accidently identified a totally untapped market segment that was not being serviced because our competition didn't manufacture the type of product we do that meets this segment of the market.

Further research into what I've called our "off grid blip" showed that there was an underlying, but unidentified by the market segment itself, huge demand for our product. We made some inquiries with some companies that could use our products to see if they would verify our discovery. In every case, our discovery and our assertion for its potential proved positive.

This compelled us to re-think our marketing strategy. We implemented pursuing this market segment into our business model. Three years later that market segment accounts for over 75% of our revenues, has accounted for 90% of our growth rate, and led to our tripling facility size, quadrupling production, while only having to double personnel because the products produced therefrom were already being produced.

We captured an untapped market with existing products and great profitability to owners.

This is true ...this goes to all the people that say ... I dont give a 4k what the next man is doing ...
You need to know what the next man is doing ...
Bestbuy knows everything Circuit City is doing
Coke watches Pepsi
Toyota Spies on Honda

Always watch your competitors infact when you are at work .. Your co workers are your competitors