Do you know what will affect your business in future months and years? Can you tell people who your customers are? What motivates them? Why they choose you and not your competitors? If not then you need to know that NOW, and you need to know it before creating a business plan.
Understanding who your competitors are and what they do is an essential exercise and an integral part of your business plan.
Why does it matter what others are doing? Because it matters to your customers. Almost every customer or client you gain will have done some competitor analysis. They'll compare price, reviews by other customers and a number of other factors that will determine which business they choose.
What do you know about the people who buy your products or services?
Creating customer personas from excellent consumer research is the cornerstone of developing your brand, your tone of voice and resulting advertising. Knowing who you are talking to helps you know what to say and how to say it.
Time for some business terminology!
It's critical to understand what external factors will impact your business, so that you are ready to face them when and if they happen. From changes in laws, or rate changes in business banking to new environmental legislation, or a new social media platform talking over the world, get informed.
Similarly you want to know what your business strengths are and just as importantly, what your weaknesses are. If you know these things, then you’re ready to deal with them.
If you feel you could benefit from our LEARN package for your business or personal brand then call, email or complete our CONTACT US form.