1 Not focusing on the needs of your customers
I have seen many companies that proclaim the "customer is king" . However when you
asked them how many times they have personally talked with customers that week the
answer is none. In winning companies everyone talks to customers. They all know who
the main customers are and what are their main requirements. It is only by really listening
to your customers that you will understand what they need and how you can help them.
2 Not segmenting the market
Customers are different. They are not a homogenous group but collages made up of
groups of customers with differing priorities and needs. By targeting specific segments of
the market you can more closely match your product with the needs of the customer. It is
only by meeting their requirements that the customer will buy from you.
Look at the huge range of cars now available. They all get you from a to b but not
everyone wants to buy a mini. Understand the specific requirements of a group of
customers and differentiate your product to meet that need.
3 Not learning from your competitors
If you have 100% of the market perhaps you have no competitors. However if you have
less than 100% then some one thinks that your competitor is better than you. Why?
Identify all your competitors, check their performance, talk to their customers. By really
understanding your competitors will you be able to assess your ability to compete.
Competitors can help you learn how to improve. Copy and rapidly implement the best
ideas. It is by constantly innovating that you will stay ahead.
4 Not constantly striving to exceed your customers expectations
I find many suppliers complaining that price is the only factor. Yes
you must offer real value for money but factors like quality, delivery,
performance, technical support are also important. By getting involved
with the customer early in the decision making process there is more
chance to really understand their requirements. Working with your customers
you can make opportunities to really exceed their expectations.