MBA COURSES Tuesday 29th Jan 2019

A cheat sheet on competition

  1. You don't go where there are no competitors, you go where there are competitors. This is an indicator of the presence of demand. Analysis shows that most unicorns were created in a market where there was already competition before them.
  2. The most important competitors are not direct, but indirect. Other ways of doing the same task, the habitual way of doing it or other important things in general.
  3. The "do nothing" competitor cannot be beaten. The target audience is people who are already doing it, or at least trying to do it.
  4. We're not competing with other products on the market, but for a place in users' heads.
  5. The competitor is the one we're going to kill. Everyone else is a counterpart.
  6. You can only compete head-to-head if you have three times as much money as your competitor. In all other cases, you have to be able to hack marketing, sales, or product.
  7. Many people forget that there is competition not only between products, but also for a place in the sales channel. Where the one who is willing to pay more to attract the customer wins.
  8. Many small competitive advantages can't replace one main best feature.
  9. Any betterment ultimately comes down to one of three options - cheaper, faster, or more for the same money.
  10. If we think we have no competitors, then we've either not looked hard enough, or we're looking at the world too narrowly.