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Entrepreneur Journeys v.3: Positioning: How To Test, Validate, And Bring Your Idea To Market (Volume 3) ReviewI liked this book very much. In its appendix the following questions are listed regarding competitive positioning and pricing:
>>Who is the competition, and how do you differentiate from them?
>>What are the various classes of products in immediate and related categories?
>>Which, of those, compete directly with you?
>>Which ones are likely to move into your space?
>>How do your product features compare with the competition's? Can you compete on the basis of functionality?
>>How does your product pricing compare with the competition's? Can you compete on the basis of price?
>>How do customers and prospects view your offering, vis-à-vis competition? Do they see you as one-tenth the functionality? One-fifth the functionality? 300% the functionality?
>>What value does the customer see?
>>What are the customers willing to pay for your solution? One-tenth the key competitor's price? Same price? 200% the price?
>>What price can you charge based on perceived value?
>>What is the ROI for the customer? How long will it take to realize the ROI?
>>Can you offer both better performance and lower price?
>>Whom do you need to partner with to offer a full solution?
>>How do you position win-win deals for partners?
>>Can you turn some of the competition to partners/channel/OEM relationships, so as not to go head-to-head?
After reading these questions you should have a pretty good idea as to what this book is about. There is such a thing as Total Available Market ("TAM"). And the subject of this book , i.e., Positioning, is all about being able to segment the TAM your company wants to operate in and be able to identify a well-defined market opportunity involving one or more segments therein. By segmenting a TAM you should be able to create and focus on a cost-efficient go-to-market strategy that can be used in your startup's written business plan. Entrepreneurs who can "Position" well see with clear vision how their startups are going to succeed and be able to find the low-hanging fruit and pick it. Entrepreneurship is all about minimizing risk and making profits at the same time. Do your research. Do your planning. Strategize on known facts - don't guess. And if you focus you will succeed.
For me this book was comprised of a prologue, an epilogue, and 16 interviews of entrepreneurs who are skilled at positioning. I recommend one read the prologue and epilogue first, and then casually read the interviews. This book is not a How-To on how to actually segment markets. It is a book that will help you to understand that markets can be segmented and that only some of those segments are worth pursuing and others are not.
In my humble opinion, this book will be a valuable addition to any entrepreneur who is still trying to master the art of creating quality business plans that can be used to create a successful startup. Positioning is just one aspect of writing a sound business plan, but it is a critical one. 5 stars!Entrepreneur Journeys v.3: Positioning: How To Test, Validate, And Bring Your Idea To Market (Volume 3) Overview
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