Do you remember when you first decided to create a business?
It was so fresh and exciting. Remember how long it took you to complete the business plan to obtain a loan. You spent hours defining your objectives and why your business idea was support worthy. You had a great idea and that idea translated into earning a living.
At the start of every new business, business owners take precious time to plan and define their existence. All too often, the careful planning only takes place at the start-up stage and then buried under a stack of what seems like more pressing priorities that take precedence.
This can be a fatal mistake for most business owners. It is the difference between a business that stays afloat and a business that is thriving and growing.
To move from surviving to thriving, it takes a continued intentional effort to stay in-touch with your customer’s needs and wants and why they would choose your competitors over your business.
Here are 7 questions that will help you do this.
- How well do I know my competitors?
- Do I know them inside and out?
- Have I taken time to evaluate whom they serve, the advertising tactics they use, and where their success lies?
- Why would potential customers choose my competitors over my business?
- Have I defined my company’s goals and the market niche I hope to obtain, lately? (This should be done on a quarterly basis as customers and markets are constantly evolving.)
- Have I really connected with my customer’s needs and desires?
- Who are my ideal customers?
After taking stock of your competitors and looking more closely at your customers, you will begin to create a road map that will lead to new tactics and action points to take your business to a new level of revenue and success.
If you don’t take the time to evaluate competitors, you may be missing out on gaining potential customers. This is only step one of redefining your business. There is no greater priority that will result in higher profits than intentionally evaluating your business marketing strategy and your company’s identity on a quarterly basis.
If you are a struggling business or you just have your sights on higher profits, then begin to evaluate your competitors and customers. It is the first step in Marketing 101.