"I set up Google alerts for all the major competitors in my current role so I can follow them. I read in an obscure business journal that one of our competitors having financial trouble, so I reached out to several of their clients the next day. They were nervous and uncertain about the future of their current provider, so they were much more willing to have conversations with me about our product. I'm still in the middle of the contract process, but it looks promising so far."

"I have relationships with all of the sales team members at our major competitors. I find it easier to have friends versus enemies because I know what is happening at their companies before it hits the news. Often, because I've built a solid relationship with that sales team, they give me leads that could be a good fit for our business and don't fit their product offerings. I try to help them when it makes sense."

First, you'll want to discuss ways you stay current on the competitors in your current job and industry. Then, highlight why it is important to do so. This way, your interviewer will know you understand the importance of keeping tabs on your competitors in your work.