5
understanding the competition
When a company positions its brand in a customer’s mind, it is positioning that brand against other brands. It is critical to understand the strengths, weaknesses, opportunities, and threats of each of those competitors along with the industry structure itself. (In fact, wise organizations dedicate a person to understanding the competition.)
This knowledge about your competition is necessary because you want to uniquely “own” an important benefit in your customer’s mind. Ideally, this benefit is one that your competitors have not addressed and cannot easily address in the future. Better yet, the benefit you own should be one that takes advantage of your competitors’ Achilles’ heels.
At a minimum, you should collect ...
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