Prep Exercise 1:
Planning Your "Open Lane" Market Position
Considering different ways you can position your brand in a crowded market is a great exercise. For one, it forces you to identify the key success factors at play in your market. Second, you can experiment with your likely appeal in different market niches before your launch. Do you want to be known for innovation, ease of use, or a specific outcome such as high quality? Pick two market needs and then plot where 7-10 vendors play today across those needs in a 2x2 market matrix. Look for areas on the matrix you could occupy that have less competition (your open lane!).