As you put together the list of competitor strengths and weaknesses, be objective. You'll do your company no good if you allow bias toward your own products and services to cloud your judgment. Try to see the competition's products as though you were the competitor. What makes their products so great? If they are growing rapidly, what is it about their product or service that's promoting that growth?
You can find this information in a variety of ways. Certainly there are numerous Internet resources you can use -- the competitor's Web site is always a good start. The trade press is an invaluable resource, but don't do all your research through the Internet. Make some phone calls, talk to the journalists and consultants who are active in the industry. These people are a lot easier to find than you'd think, and they are often happy to share facts and opinions with you. In order to be successful in your new business, you have to know your competitor. Understanding your customers cannot be done without considering the strengths and weaknesses of your competition and how they satisfy the needs of their customers.