"Competition is always a good thing. It forces us to do our best. A monopoly renders people complacent and satisfied with mediocrity."
Nancy Pearcy, author
Competition should be seen as an indication that a product works and that people want it! The big question is how you plan to make your business stand out from all the competitors?
A great way to start is by having a clear vision of your market. You need to understand the type of people that would be interested in your product and you should be able to relate to them. Make sure that you place great emphasis on market research.
Consumer behaviour and economic patterns are integrated with market analysis to validate and develop the business concept.
It's important to get a good understanding of your target market right away. And if the company is only a glimmer in the mind, market analysis allows you to mitigate risks.
To get a clear understanding of your business, answer these questions.
- Is the market big enough for your product or service?
- How many consumers would be interested in your product?
- What is the wage range and job levels of your ideal customers, according to economic indicators?
- Where do your clients work?
- How many comparable options are currently open to customers in the market?
- What are future buyers willing to pay for these options?
Conduct a competitive analysis to better understand the viability of your potential product. Click here for some help doing it.
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