It doesn’t matter what business you are in, it is easy to be distracted by your competition.
While focusing on being competitive is important, it can be a distraction when you have more fundamental things about your business that need more attention, such as your customer master data.
Trying to make sure your business is better than the competition is as I said, important, but you shouldn’t fixate on that, rather focus on giving your customers the best experience that they need. Most customers have a limited budget when it comes to non-essentials.
For some, the priority is choosing between competing brands but for others, it might be as simple as the cost or the feeling that they get from working with a particular service or goods provider.
Making sure your products are the most deserving of their money overall non-necessity items is really what will bring you more business and aligning your offerings with your target audiences and markets is key.
Understand that almost everyone has a limited amount of money they can spend, not just a limited amount of money they are willing to spend with you. The best way to work all that out is to be able to examine the data that you have about your existing customers from your e-shop or credit accounts (transactional analysis) and then use that to drive some decisions.
The goal for salespeople and business owners is to make sure their product or service is not just better than competitors, but also find the best way for consumers to engage so that they maximize value.
We’ve found that anyone dealing with regular consumers in their business, can only really do this if they have a customer master data management system such as the Pretectum C-MDM. We find that working with our customers to understand what their IT challenges are, often reveals that they have poor master data management processes or that they rely on spreadsheets or their transactional systems to define their customers. We often find that to be a sub par experience for services, support and sales personnel as well as marketing.
Reach out to us, to learn how we can help you evaluate whether on premise or cloud is best for you and consider whether MDM is a real need. We also offer security posture assessments.