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Jeff: How much should I be spending my time looking at what the competition is doing? Dave: It's a great question and I can only answer that by saying, what's your philosophy? I have met many entrepreneurs who are highly successful in being extremely competitive. They are constantly researching their competitors and looking at what they are doing, and then coming up with ways to change their offerings. So that it one-ups their competitors, and they are successful that way. But personally I don't focus on my competition, and I know other entrepreneurs who don't, and they're also successful.
I find that it's better for me to focus on my customers, rather than my competition. If I focus on how to make my customers as loyal and as happy and just crazy raving loyal fans, it doesn't matter what my competitors are doing. My customers are going to stay loyal, and they are going to refer business to me, and personally I just find it to be a happier place to run a business than to not focus on the competitors. But again it can work both ways.
What really matters is that you have a strategy and that you work that strategy.
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