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Why You Need to Know Your Competition

A true key to success is knowing what features set you apart from your competitors. – Anita Roddick

Great branding is partially about distinguishing your company as an innovator, not an imitator. The idea is to differentiate yourself from your competitors in your customer’s mind and heart. You do this by studying your competitors very carefully—and then pinpointing and emphasizing your company’s differences, rather than your similarities.

Devote good time researching your competition. Visit trade shows and retail outlets to observe what your competition is doing now—and what they have planned for the future.

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Start doing regular “benchmarking.” Benchmarking is the process of comparing your products, services and prices to the very best in your industry, so that you know exactly which benchmarks you need to reach and exceed to surpass your competition and become the best.