Which method could be effective in identifying competition?

Attending local business events serves as an effective method for identifying competition because it allows individuals to engage directly with other businesses and network within the industry. Such events often bring together various stakeholders, including competitors, and provide opportunities to observe and understand their offerings, strategies, and market positioning. By interacting in this setting, one can gather insights about competitors' strengths, weaknesses, target customers, and even potential partnerships.

In contrast, relying solely on customer feedback might give a partial view of the competition as it primarily reflects the perspectives of the customers, often focusing more on their preferences rather than the competitive landscape itself. Ignoring economic factors is not a viable strategy in identifying competitors, as the economic environment can heavily influence which businesses are emerging or struggling, directly affecting competition. Lastly, limiting research to online forums restricts the scope of data collection, potentially overlooking vital insights from real-world interactions and broader market dynamics that can be captured at local events.