This section is designed to capture information and bring some attention to your competitors. Although we don’t recommend spending a lot of energy or focus on competitors, it is helpful to keep track of who they are, and, over time, learn as much as possible about them and from them.
Start with a simple list of who they are, with a subjective “risk rating” and a comment on what they do better than you do. What do they, or their customers, say is their competitive advantage? Check their web site, other social media sources.
If you have the inclination and resources you can dig into more detailed Business Intelligence data on your competitors over time. Keeping this document current on each review period will remind you to pay close attention to your changing customer needs, and help refine your target market for future growth. Keep in mind, a competitor, depending on your perspective, may be a potential future partner or alliance