This is an important question that many companies do not spend enough time asking. It is important to understand how technology may render you obsolete. What could competitors do if they knew all your weaknesses? Could they steal significant share away from you, and are any of them doing it? Who are some of the new emerging players, and what are they doing? You have to be careful of phantom competition, as these are the organizations that you do not normally perceive as competition until they are taking customers away. For example, big life insurance companies such as New York Life were able to enter and take a large slice out of the wealth management industry. What trends are going on that could drive pricing down or cause your clients to take another look at the competition?
This is an explanation from question #6 from my article “12 Questions You Need To Ask Constantly.”