Your competitors know something you don’t and vice versa. Studying your competitors helps you define your competitive edge while finding your weaknesses relative to your rivals. Look at their tagline, unique value proposition and products or services.

Here are something things to look out for:

• Digital marketing strategy: Observe their website and social media accounts. How do they generate traffic and leads? What do they post on social media? What kind of content do they publish?
• Target audience: Who is their target audience? Is there any overlap with your customer base?
• Strengths and weaknesses: Where do they excel? What are their shortcomings? What can you do better?