To compete with existing and potential new competitors, you need to understand customers, competitors, distributors, technologies in use. You need to analyze user groups and their reasons for buying (or not buying) and find out how to turn potential customers into shoppers.
Stepping Out Of Vicious Cycles
Without the necessary preparation, your business might direct in the wrong direction. The implications are accelerating each other in a negative loop, called the Vicious Circle
- Missing vision => unclear objectives
- No strategic analysis => no standard business processes
- Limited attention to local competition & market dynamic
- Conflict of interest & organizational inaction
- Missing C-level commitment
- Poor project management
- Poor feedback loops and follow-ups
- Poor change management
- Poor communication guidelines
- Poor buy-in from team and
- Burn-Out project team
As you can read from sources like CBInsights, Gartner, and Forrester Research more than 80% of the Startups fail. Better step out of vicious cycles with competitive monitoring and don´t burn the ships before leaving the harbour.
Correcting a poor setup will cost a fortune compared to the efforts to find and address the important questions right from the beginning. Based on available insights and support, you will be able to plan things right from the start.