Learning from your competitors is also a good way to find new opportunities in the marketplace. If your peers are changing, it can provide useful insight into what is happening with both their customers and within the industry as a whole.
How ?
Speak to Your Customers. This is a simple step, but many businesses don't do enough of it.
Speak to Your Suppliers, Competitors.
Go to Industry Seminars, Conferences and Expos.
Conduct Online Research.
Check Social Media.