Before you jump into the market, you need to know your competition. Who else is solving your customers’ problem? What do they charge? Are they succeeding? How is your solution different? Why will customers buy your product instead of anything else?
If you think you have no competition, you are not looking widely enough. All businesses have competition, even if that is nothing more than “customers” who don’t find the problem sufficient important to pay for a solution.
These lectures explains the questions to ask when researching the competition, how to display and explain the results of all that analysis, and how to think beyond the short term uniqueness to the long-term competitive advantage.
(Total running time: 22 minutes)
Worksheet
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