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One good way to broaden your sense of where your strategic advantage may lie is to look at your existing customers and their buying patterns. (Or, if you haven’t started your business yet, imagine what these answers might be.) Ask yourself these questions:

 When customers come to me, why is that?

 When potential customers go to my competitors instead, why is that?

 When potential customers make an enquiry but end up not purchasing my goods or services, why is that?

 Are the benefits I offer (or intend to offer) to my customers unique?

I like asking these questions because getting the answers usually means engaging in some market research. This naturally crosses over with competitor analysis, which I talk about later in this chapter.

Honest, ongoing market research that compares the benefits your business provides to customers against the benefits your competitors provide is essential to business success.