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Discover what your customers want Business is lousy – I wonder if it’s my pricing model?

Discover what your customers want Customer values Personal and professional goals Pain points Purchasing decisions Customer profile Age range Job status Education Location Market size What geographic area are you selling in? How many people in this area fit your customer profile? If you were to reach 1% of this group, how many potential customers is that? Primary research: Talk directly with customers Secondary research: Collect data from existing sources

Understand your competition Colin could see that his competitor had obviously done his market research.

Understand your competition Consider both direct and indirect competition. Direct competition Organizations offering the same product or service to the same customer base Example: Nike vs. Adidas Indirect competition Organizations that produce similar products and fulfill similar needs Example: McDonald’s and a local sushi restaurant

Understand your competition Google it! SEARCH… …for the key words that you use to describe your idea. E.g., “Travel app for seniors” RECORD… …a summary of other organizations that are offering a similar product or service. IDENTIFY… …the key features that distinguish your idea from what is already out there. E.g., price, functions, ease of use

Understand your competition Search start-up databases to find companies doing similar work: CrunchBase www.crunchbase.com/search Techvibes www.techvibes.com/company-directory/global

Your primary competition Build a competition matrix Value 1 Value 2 Value 3 Value 4 Your company Competitor 1 Competitor 2 Competitor 3 The essential values your customers look for (discovered through primary research) Your primary competition (both direct and indirect)

Example: Travel booking app Price Available on iPhone, Android and BB Includes suggested local activities Connects to social media Your company $0.99 Yes Super Trip $1.99 No Booking Smart $2.99 Your Trip, Your Way

How do I identify competitors? Additional resource MaRS Library How do I identify competitors? www.marsdd.com/mars-library/identify-competitors/