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Jan 17

Starting New Products or Services- A Key Question

Posted by: Steve Marr

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We like to launch something new, a new business, a new product, or a new way of snagging customers. Before investing any time, or money in something new, answer a key question, How am I better? You may think this question is silly, but reflect on this, your new idea will be competing with every idea in the marketplace. You need to think through, how is your thinking better compared to others?

First, study, identify and understand who, and what you are competing against. Then compare what you are thinking, against the others in the marketplace. You can’t compare your offerings against competition unless you have already studied and understand what they offer.

Second, compare your offerings. Why will customers choose you new offering. Price? Faster service? High quality standard? If you can develop a clear competitive advantage, then you have an opportunity to launch a winner, go for it.

However, if you can’t develop a clear reason why customers should buy from you, and document those reasons, you may have more work to do.

When I ask a new client “What is your competitive advantage, what do you do well others cannot do well” they are unable to answer. The lack of an answer is often one of the key issues to resolve before a business can turn around.

Before investing time and money, ask, and answer the question: How am I better? The answer will save you expense, headaches, and maybe even your business.

Steve Marr, Your Christian Business Coach

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