If you are in a competitive space, be it in a large business or in a niche and personal market, you need to make sure that you know your competitors. Even the most specialized of arenas will have someone that is battling for the same followership or consumers that you are. A business or personal enterprise that plans on succeeding, then, must know and understand what these competitors are doing and they must make every attempt to figure it out. This knowledge need does not remain in the tangible world of business alone. It extends to the virtual and social media world as well.
For instance, if you have an Instagram page, you are striving for Instagram video views or standard image Instagram views. Your competitors—if in this space—are likely doing the same thing, trying to attract customers and potential viewers with their posts. If you do not look at what they are doing then you are doing a disservice to yourself and your clientele. You are showing them that you do not care enough to know what your competitors are doing and that, in turn, means that you are not getting the competitive edge. For these reasons, and more, you need to make sure that you are aware and are focused on knowing your competitors as much as you do your customers. These two knowledge bases combined will only help you to grow your business.