But it must be a priority if you want to develop a competitive edge. Once you have a handle on your competitors, the next important step is to define clearly who your customer base is. For more information on this subject, please refer to the OBT Identify Your Target Market . What motivates my customers to buy, e.g., price, quality, credibility, customer service, locations, etc. A good way to identify what your customers want is to talk with them and really listen to what they have to say.
Customer feedback can be a cheap and invaluable tool in creating a competitive edge.
D. Personal Experience Chances are, in any given week you reverse roles and go from business owner to consumer. You may visit the grocery store or the dry cleaner or eat at a particular restaurant. Be it conscious or unconscious, you make decisions as to which businesses will get your own hard-earned money. Stop and analyze the choices you make. Make a list of all your favorite companies, and ask yourself why you enjoy doing business with them.