Study the market where you plan to launch your product or service, and analyze competitors. Evaluate how unique and relevant your offering is, and what advantages it can provide users. This will help you formulate a strategy for developing and positioning your product in the market.
Example: Startup “EventFinder” plans to develop a portal and mobile app for searching and booking tickets to events like concerts, sports games, and theater performances.To define their strategy and market positioning, they conduct market and competitor analyses:
- Market Size and Dynamics: The team analyzes statistical data and reports to determine the overall size and growth rates of the event industry. They discover that the market is growing at 10% annually, indicating potential opportunities for introducing new products and services.
- Target Audience: The startup identifies its target audience, which consists of young professionals aged 20 to 35 who actively attend various events and prefer to book tickets online.
- Competitor Analysis: EventFinder studies its competitors, including their offerings, strengths, and weaknesses, as well as user feedback. They find that major competitors are Ticketmaster, Eventbrite, and StubHub, but none of these apps offer personalized event recommendations based on user interests.
Based on the results of the market and competitive analyses, EventFinder defines its unique value proposition and strategy by offering an app with personalized recommendations, a simple ticket booking process, and a focus on local events.