Make a mental list of the characteristics that your successful competitors have that make them successful. Everything, from the product or service, the team, and any other advantages they may have.
This list probably includes things like:
- Brand recognition
- Government relations
- Patents
- Licenses
And many other things.
Once you have that complete list, ask yourself. If you could only take one of those advantages and apply it to your product or service, which would it be?
The anecdote goes that a Harvard business professor presented this case to his students, and the students each shared their answers: "Brand recognition is the most important", "Having a team and innovation methodology", "Deep pockets from a private equity fund"...
It is said that this Harvard professor listened patiently and responded: All of this is important, but none of this can bring you closer to business success like the ultimate competitive advantage, which is "having a captive market, eager for your products or services".
For example, if you sell computers, and your computers don't have good quality, are expensive and don't have good design, but they are the only computers sold on the island where your market lives, they will definitely sell out.
If you have a taco stand that doesn't make good tacos, but they are the only ones within 5 kilometers around a stadium on the day of the soccer finals, they will definitely run out.
That is why the selection of the market you are going to work with is of extreme importance. And that is why Leaderlix presents its Course The Law of Markets and How to Work with Niches, where you will learn the necessary foundations to choose a market or niche and build your brand around an existing need for that market.
You can see more information here.