Jack Ma once famously said “You should learn from your competitor, but never copy. Copy and you die.” Well, it seems to be a wise approach. But how can you follow this approach and still beat your competition? It’s a myth that by only building a superior product, you can outperform your competitor websites/products. So for starters, just break that myth. If you indulge in competitive analysis during the ideation phase of your startup, you will realize the significance of …
Category: Market Analysis
How can startups choose their customers?
To market a product, you need to convey the right message to the right people. To make that happen, there is a need to learn about customer segmentation. A good segmentation streamlines both marketing and production efforts. You can select optimum communication channels for a segment. Moreover, you can test your pricing options and focus on profitable customers. Customer Segmentation can help a startup on a lot of fronts, namely: Competitiveness Expansion Ability Customer Retention Timely Capitalization Price Optimization Generally, …
The right questions for your market survey?
Being a startup enthusiast who is in the process of launching a product, you can’t evade the ‘Whats’ and ‘Whys’. You need to be thorough with your market survey and research. This can go a long way in making your product user-centric. Who are your users? What is your ideal demographic? Their habits? Their emotional attitudes? Why do they need your product? Do other products meet those needs? How do they access your products? Conducting a market survey is an …
Perk Up Your Customer Experience Using Analytics
You ask any business manager, and he/she will tell you, how analytics can help in enhancing customer experience and boost sales. According to research, around 90% of business managers are of the opinion that analytics can increase sales by 20% Which right chords did you touch and what needs more attention is something you can find using analytics. If you are not relying on analytics, then you are simply hoping for the best. You can’t do guesswork at the expense …
Market Investigation And Analysis: The First Leg Of A Startup Journey
Every startup story begins with the idea of persuasion. It’s about how smartly you carry out your Market Investigation. The success of a startup story is never accidental, and it’s based on the initial analysis, market segmentation, and competitive analysis. “When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue”. – Josh James It’s about understanding ‘Product/Market Fit’, which Marc Andreessen defined as “being in a good market with a …