Are you paying attention to your competition?

Earlier this week, the long-awaited Firefox 3 web browser shipped.

Last Wednesday, a cake from their competitor – the Microsoft Internet Explorer team – arrived at the headquarters of the Firefox development team to congratulate them for releasing their new version.

Obviously, someone at Microsoft is paying attention to their competition.

Do you?

I don’t mean to suggest that you should mimic their every move, becoming the Burger King to their McDonald’s.

On the other hand, watching them and the rest of your market is a necessary effort. And, as noted above, it’s ok to have a little fun with them once in a while.

Not long ago, we talked about how independent coffee shops could keep an eye on MyStarbucksIdea.com so that they know how consumers feel about Starbucks AND their competition.

How do you keep an eye on your competition? I’d be interested to hear about it.