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Discover how you can identify trends, gather and address customer feedback, and proactively deliver what your company needs for competitive advantage.
This course is one of a series of five Dave Crenshaw courses based on his Invaluable teaching methodology for professional development.
- Understanding what makes your company money
- Discovering market trends
- Understanding your competition
- Knowing your customers and how to better serve them
Skill Level Appropriate for all
How often are you asked the question, what do you do for a living? How do you respond? Your response to this question reveals a lot about how well you understand your market, a critical aspect of becoming savvy. Most people will answer that question by giving their job title. I'm a Sales Executive, for example. However, that answer, while accurate, is incomplete. Every business is different. A Sales Executive in a chemical company is providing something completely different than a Sales Executive in a graphic design business.
Think about the company that you work for right now. What market is it in? What is its geographic reach? Is it international? Is it just your local neighborhood, or something in between? Next, consider what industry your company is involved in. Are you in banking, business services, education? Identify that industry. Finally, distinguish between your company's features and its benefits. The features are what you provide.
Let's say we provide haircuts. If someone asks you what you do for a living, you might simply say, I cut hair. But what is it that you're really providing when you cut someone's hair. Aren't you providing a better self- image, and perhaps more confidence? Aren't you improving the quality of life for your customers in some way? These are the benefits. How are the features and benefits that your company provides different than other businesses that provide a similar service? Understanding the differences between your business and other businesses that provide a similar service, will help you see how it fits in the market as a whole.
I'll talk more about why this is so important in the next video. For now, just take some time to identify your company's market and industry, and what features and benefits it provides.