Potential customers only have so much money they will spend on what you do. Fail to make your offer more compelling than your competitors and you will lose the sale to them.
A lost sale always equals zero cash inflow.
A Direct Competitor is any other business that offers fundamentally the same products or services as you do. Should a target customer choose to buy what they could from you from another business, you lose that sale to a direct competitor. For example, if you own a Mexican restaurant, your direct competition is any other Mexican restaurant a target customer of yours could choose to go to for their Mexican meal.
Customer loyalty doesn’t just happen—you have to earn it. Watch your competition closely, and stay one step ahead of them. If you don’t care for your customers, your competition certainly will.
Never forget that customers are naturally motivated to go where they can find the best products and services for the best value. You need to know who your competition is, what they have to offer, and what makes you better than them. Fail to do this, and you will see the customers you depend on to stay in business go to them.