Entrepreneurial firms are under increasing pressure to offer better consumer-oriented products and services in order to remain competitive. Here are some tips and insights that may help give your business a competitive edge. Know Your Stuff. Knowing who your customers are and what they want is essential to remaining competitive. The introduction of new products and services, or changes to existing ones, should be done in response to the patterns revealed when target customers are asked why they buy and what they want.
Research plays a key role in identifying various consumer segments and needs.
Research findings will help identify areas of strength and weakness. These findings will enable you to assess existing products and services, and identify new products and services that will meet customer needs. Develop A Strategy. Responding to market and customer changes gives you a stronger competitive position. Assess your market and your customer needs.