A colleague of mine, Seena Sharp wrote a book called “Competitive Intelligence Advantage” and in it, she reminds us of one of the bigger mistakes businesses can make in assessing their sales and their product mix: following the competition.
While it is important to know what your competitors are doing, they are only your competition they are not your customer. They don’t buy your product or service. They should merely be a gauge to help you identify how you separate yourself from them when you are defining your target market. They are a benchmark that you want to exceed or differ from.
To truly use your competition as a gauge, look to the customers. Ask them what they want and need, what would excite them. Some things you can provide and some you can’t but let your customers be the guide in terms of how you improve service, and products.
If you aren’t sure who your target market is contact me. I now have an e-book that can assist you in addition to my consulting services. Remember target marketing is far more than demographics.