Few folks come to me having done extensive competitive analysis about their idea/product. What ensues goes something like this: “What do you know about the competition?” I ask. “Oh, what I do is different?” the young entrepreneur states proudly. “Really? Different, how?” “Well, others have [x feature/approach/etc.], and we have [y].” “What if your competitors add that [feature/approach, etc.]?” “Well, they could, but…” The conversation keeps going, and I keep needling the person who is really not answering the fundamental question about the competition. Understanding your competitors is not about comparing features and functionality. That’s dangerous because you are not […]
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