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Finding a Market
It is difficult to target the richest market for your product or service because of the sheer number of competitors.
The key to finding a low-competitor market is understanding what the customers are actually looking for and understanding their decision-making process.
In order to find a low-competitor market, the company needs to do some research and understand the decision-making process of its customers.
This includes observing how they compare products in their minds and what factors are most important in their decision-making process.
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Economic Moat
An economic moat refers to a sustainable and enduring competitive advantage that companies can use to maintain profitability over the long term.
An example of an economic moat would be a brand name, intellectual property like a patent, or control over distribution channels....
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3 Key Elements of the Economic Moat
1) Cost advantage - In this case, it is a cheaper cost per unit to produce or buy than its competitors.
2) Barrier to entry - It can be as simple as large fixed costs, limited availability of resources, or high capital costs.
3) Network effect...
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Competitive Advantage
A company with an economic moat is less likely to be disrupted by a competitor.
This is because while there are multiple companies competing, the company with an economic moat can take advantage of its lead in the market and maintain it.
Economic Moats create barriers...
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Creating Economic Moat
The economic moat is created by blocking out competitors from entering the market and cutting off their supply chain.
Companies like IBM and Coca-Cola successfully maintained their economic moats by utilizing a variety of strategies such as...
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5 Ways A Company Can Build An Economic Moat
- Create and deliver high-quality products or services that customers are willing to pay.
- Enhancing customer experience
- Build a proprietary technology
- Invest in intellectual property
- Find profitable niches
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Any company with a competitive advantage can be considered to have an economic moat.
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Why do market research?
Market research allows you to meet your buyer where they are, & understand your buyer's problems, pain points, & desired solutions. You can then market your service to appeal to them.
Market research also provides insight into :
- Where your target audience & current customers cond...
What is market research?
You need to adapt your marketing strategy to complement the way today's consumers research, shop, & buy to sell your service. To do that, you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audienc...
Fashion Trend Forecasting: Market Intelligence
Companies in the fashion industry have cut-throat competition and are turning to market intelligence to survive, sometimes at the expense of their competitors.
Conventional market research is no longer sufficient, and the real-time data provided by social media and online data research co...
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