Harvard Business Review contributor Tara-Nicholle Nelson, author of “The Transformational Consumer,” says businesses should spend less time focusing on direct competitors and more time responding to the evolving needs of their customers. Here’s how.

  • Rethink what you actually sell. It’s not a product. Look at it as a transformational tool that helps people on a journey to achieve a goal.
  • Rethink your customer. They’re not people who have purchased your product or followed you on social media. They’re all individuals grappling with the problem your business exists to fix.
  • Focus on the customer’s problems. Use research to understand their journey. Map out the path from problem to problem-solved. What are the decision traps, pitfalls, friction spots and quit points. In this data-obsessed era, using it to learn when and why you lose customers is more important than chasing direct competitors.

Click here for full Harvard Business Review Article

Like it? Share it!