How much time do you spend researching the competition? If you don’t know what you’re up against, how can you convince them to use your product over your competitors?
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It depends. I think it’s smart to scan the environment and see what others are doing - if they’re doing something that works, that’s great information to have (i.e. “don’t recreate the wheel”). If they’re not doing something well, there are things to learn from that as well.