Page 37 - MICROHUB Handbook - ENGLISH
P. 37
Furthermore, a detailed industry analysis
should be also undertaken so as to get a clear
view of competitors and the competing
products/services they provide. These are not
just the direct alternatives to your
products/services, but also indirect ones,
substitutes used by target customers.
When considering the alternative or substitute products that you want
your products to replace, it is most important to assess the benefits and
experience they offer to the target customers, their price, how they are
sold, paid for and delivered to the client.
Moreover, it is also crucial that you identify who exactly are those that
provide such alternatives and substitutes to your products, as well as
assess how powerful they are. For example:
Are there a lot of competitors in your target market?
Have they been long established and selling in your
target market?
Do they have a large share of the market?
Are the customers loyal to them?
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