3 B's. That's all it takes to know a customer or a competitor. That would be the Biometric, Biographical and the Behavioral - data that describes who you are, what you have done and how you act.
When you find and meld these three types of data you can predict when a customer will reorder your product, whether your customer will use your product, or if your customer will recommend your product.
Companies have persona also. 3B data about them can tell you if they will enter a market, open a factory or change prices. A forward look at your competitors means you lock in customers, avoid copy-cat mistakes, or secure the best suppliers.
Knowing your customers and competitors next actions drops right to the bottom line. Act on it.