Posted by on Feb 15, 2010 in Strategy | 1 comment

Many business owners make the mistake of viewing the world through their eyes, instead of those of their customers.  This leads to the next common business mistake

Business Mistake # 6 Inadequate Competitive Assessment

People buy products  which address their needs, and long before you started your business, you prospective customer found a way to meet those needs. To attract the attention of a prospective customer, you have to identify from whom you are taking attention.

Even unique and innovative products must deal with competing products or services that may or may not solve the same problem, but ultimately will compete for the end customer’s available resources.

Failing to take the time to understand how potential customers are solving their problems today will make it harder for you to convince them to switch to your solution in the future.

Want to learn more?  Consider attending our FREE Introduction to Business Planning Semianr on March 10.

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