Collecting Data - Accuracy And Focus

Remember that not all information you find on your competition will be accurate or correct. That is what makes this probably one of the most difficult aspects of the whole process. 

Information that is collected needs to be fact checked and verified as much as possible. If you gather inaccurate data, this can skew your observations which will eventually affect your company in a potentially negative way.

Also beware of the “more is better” mentality. This is a trap because it isn’t necessarily true. If you collected a lot of information, but only 90% of it is actually useful, then you would have wasted your time. Before you begin collecting data, make sure you know exactly what you need to find.

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