Doing Your Homework
Base Your Plan on Fact, Not Opinion
Most people think their business will be successful: “My product is better than anyone else’s” or “It’s the only business of my kind in town—I’ll have all the business I can handle.”
This is a common and unfortunate misunderstanding of marketing. It assumes a product or service will sell just because it is better or because it is the “only show in town.” What if, however, your better product costs five times as much as your competitor’s product? What if you are the only supplier of snowblowers in Miami, Florida? Chances are you will not fare well. Sales will be meager. Your promotions will fail. Soon, you will join the 80% of businesses that fail within the first 2 years of their ...