Defining a unique proposition

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Look at what sets your competitors apart. Find their unique offerings that make them attractive to customers. This could be a unique assortment, special delivery conditions, quality service, or great prices. Think about how you can stand out from them. For example, if all competitors have three-day delivery, offer one-day delivery.

Step 5: Assess barriers to entry
Analyze how difficult it will be to enter the market. Determine what barriers may hinder you:

Financial barriers: How much do you need to invest to start philippines email list a business? For example, opening a cafe requires significant investments in equipment and rent.
Technological barriers: Does it require special equipment or technology? For example, to create an innovative application, you need programmers and technical specialists.
Regulatory barriers: What permits and licenses are required? For example, to open a medical center, licenses for medical activities are required.
Step 6: Draw conclusions
How competitive is your niche?
If the niche is very competitive, you will need to have a unique selling proposition and a strong marketing strategy to compete with existing market players.
What advantages do you have over your competitors?
Do you have lower prices?
Do you have a wider range of products?
Do you have a higher quality of service?
What steps do you need to take to be competitive?
Do you need to improve your product or service?
Do you need to lower your prices?
Do you need to boost your marketing activities?