Your competitive advantage can come in
Posted: Sat Dec 28, 2024 4:27 am
Your competitive advantage can come in many different forms, including:
Your cost structure
Product offering
Distribution network
Customer support
Your own personal skill set (like being able to tell great stories)
Your experience
Industry knowledge
Strategic relationships
A powerful personal brand
Large and engaged audience you’ve built
The strength of your competitive advantage will greatly affect your early afghanistan phone number database in validating your business idea.
With my challenge to validate a business idea in the California hiking space, my competitive advantage for my upcoming website (that didn’t yet exist, mind you), was that I’d be delivering content in a new medium (VR/360°), with a level of quality and depth that was unmatched in an industry full of web 1.0 style websites with stock photos and short descriptions.
To land on the competitive advantage(s) for your side hustle idea, start by carefully combing through all of the feedback emails, conversation notes and ideas you’ve recorded from your target audience conversations so far.
Look for commonalities, trends, surprising insights and particularly interesting ideas that catch your eye. Highlight them as potential value propositions to come back to for developing your competitive advantage.
6. Grow Your Email List.
validate-business-idea-build-email-list
Despite what many profess, growing your email list (further) is actually an optional step in the process of validating a business idea.
Here’s why: If you’ve already manually built an email list of 100 or more subscribers through the various audience building tactics we covered in #3 (which you could definitely do given enough time and effort), you likely already have enough people to validate your idea with.
Sure, more of the right subscribers would help increase your chances of successfully validating your business idea, but anything more than ~100 or so, is bonus points for the sake of this validation test.
Your cost structure
Product offering
Distribution network
Customer support
Your own personal skill set (like being able to tell great stories)
Your experience
Industry knowledge
Strategic relationships
A powerful personal brand
Large and engaged audience you’ve built
The strength of your competitive advantage will greatly affect your early afghanistan phone number database in validating your business idea.
With my challenge to validate a business idea in the California hiking space, my competitive advantage for my upcoming website (that didn’t yet exist, mind you), was that I’d be delivering content in a new medium (VR/360°), with a level of quality and depth that was unmatched in an industry full of web 1.0 style websites with stock photos and short descriptions.
To land on the competitive advantage(s) for your side hustle idea, start by carefully combing through all of the feedback emails, conversation notes and ideas you’ve recorded from your target audience conversations so far.
Look for commonalities, trends, surprising insights and particularly interesting ideas that catch your eye. Highlight them as potential value propositions to come back to for developing your competitive advantage.
6. Grow Your Email List.
validate-business-idea-build-email-list
Despite what many profess, growing your email list (further) is actually an optional step in the process of validating a business idea.
Here’s why: If you’ve already manually built an email list of 100 or more subscribers through the various audience building tactics we covered in #3 (which you could definitely do given enough time and effort), you likely already have enough people to validate your idea with.
Sure, more of the right subscribers would help increase your chances of successfully validating your business idea, but anything more than ~100 or so, is bonus points for the sake of this validation test.