Shop the competition: where are they strong, where are they weak?
What do you know about your competition? What do they sell, what do they do? What are the strong points? Why do people buy from them? How are their prices? What are their policies, procedures, guarantees, etc.
If you don’t know your competition very well, they will kill you. Don’t let your assumptions blind your judgment.
Example: A printer I know that found out a competitor was charging much less than they, and said, “They can’t [possibly sustain that pricing. They will go broke.� Well, they did sustain the low pricing and increased their market share while my printer friend lost market share.
Shop the competition: know their prices, terms, delivery and distribution, and know everything. Put time and effort t into it.
What do people hate in the industry? In the medical industry people hate to wait. Doctors have a bad reputation of double booking and making patents wait too long. I have walked out of a doctor’s office before when I had to wait 45 minutes. Printers are often late delivering a printing order, it is almost a given. Remodelers are known for taking much longer than originally promised to complete a remodeling job. Customers buying a car hate the back and forth the sales person does with the sales manager, and they feel like the sales people are lying to them to make the sale, you can’t believe them.
What do people hate in your industry? Take that problem and solve it. People hate to take off work to get things done like buy new tires, and get mechanic work done, go to the chiropractor or dentist. How about not having prices on mdse at the grocery or department store?
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