If you’re in a red ocean market, choose some relevant competitors to look at. You should start with a few market players to gain experience in gathering insight. As you get going, you can still expand your view.
Choose your most important competitors and some competitors that show the market’s diversity. That’s enough for now.
If your market is a blue ocean?
In that case, you might even be able to watch them all. That will help you notice when the waters are turning red.
Let us know in the comments how you decided which competitors to watch.