Direct vs. Indirect Competitor – The Difference
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Direct vs. Indirect Competitor – The Difference

As the name implies, direct competitors are those who compete with you in a one-to-one capacity. They offer essentially the same solution to a customer’s problem that you do. Indirect competitors offer alternative solutions to the same problem. Their products could be very similar to yours or not similar at all. The important part is…

Which Industry Are You In? → SIC vs. NAICS Code System
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Which Industry Are You In? → SIC vs. NAICS Code System

Which Industry Are You In? The nature of new ventures and new products/services means that sometimes entrepreneurs can struggle to label themselves as part of a specific industry. If this describes you, ask yourself the following questions: Who are my competitors? Who is providing similar products or services? Who has a similar process or business…

How to segment your market? – Learn the basics steps about the market segmentation process
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How to segment your market? – Learn the basics steps about the market segmentation process

What is market segmentation? Market segmentation is the process of dividing a large, homogenous market into smaller subdivisions or niches that group customers together based on shared characteristics. Whereas the overall market is so broad as to include a wide range of different customers, market segmentation picks out groups of customers based on their differences. Market…

Market Analysis: How to research your target market? – 3 easy steps to start your market analysis
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Market Analysis: How to research your target market? – 3 easy steps to start your market analysis

Market analysis is the best way to explore your target market and your target customer. The market analysis must reflect feedback and insight, not guesses and conjecture. But where do you start? No doubt this information can´t all be gathered with a simple internet search. However, that´s not a bad place to start. 01. How…

How to create your customer avatar? – Learn who is your perfect customer
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How to create your customer avatar? – Learn who is your perfect customer

When your product or service is built around solving a problem that people face, you´re already starting from a good foundation to build your customer profile. We will now work backward from there. The goal is to create a customer avatar, that represents your perfect customer. 01. Who is your target customer? Once this persona is complete and detailed,…

Sustainable Competitive Advantage – Learn how to put your business in a superior position from the beginning on
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Sustainable Competitive Advantage – Learn how to put your business in a superior position from the beginning on

Sustainable Competitive Advantage Definition Sustainable competitive advantage is the sum of conditions that put one business in a superior or favorable position over another. Sustainable competitive advantage is something of a law of the jungle for the business world. If a business opportunity cannot be strategically executed in a space where you can maintain a competitive advantage over…