With the help of analysis, you can understand how many competitors there are on the market and whether it makes sense to invest in launching a new product. In the complete absence of competition, you need to weigh all the risks and think about why this niche is not yet occupied.
If there are many competitors, you can only claim a small market share. It will take a lot of effort and resources to win the trust of customers who shopped at your competitors before you appeared. There are several examples of new leaders emerging in a highly competitive and divided market. When Google Chrome entered the market, Internet Explorer held 60% of users, but ten years later the new Google product had won back its 70% share.
Main tasks of BPM system
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Before entering the market, it botim database is very important to learn to understand the product's value and its advantages. This is necessary in order not to merge with the gray mass of similar products, and to create a product with parameters that are an order of magnitude higher than analogs. For example, now many services provide food delivery services. As a rule, the average waiting time for an order is about 20 minutes. If we take fifteen-minute delivery as a basis, then this will be your priority. You can also study examples of competitors' USPs in order not to repeat yourself and create something unique.
A good assistant in the search for advantages is a market, positioning or brand perception map consisting of two axes, vertical and horizontal. Each characterizes a parameter of a product/service that is significant for the target audience. For example, for the banking sector, the emotional factor is trust and reliability, and the rational factor is a convenient location. To understand which parameters are of primary importance for putting them on the map, it is necessary to conduct interviews, surveys or focus groups with clients.
You need to be prepared for the fact that when analyzing the market you can encounter many properties, from which it is important to select the key ones. The pitfalls include the fact that people often act irrationally and there is a high risk of missing this. It is not recommended to consider obvious factors in order to somehow distinguish your product from others.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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After working with over 300 online projects , I can guarantee: monitor these metrics weekly and your company will not only survive, but also increase its profits by 10 times!
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