It is not enough to just build a great app that your customers love. This is important, no doubt, but if you want to build a strategy that will succeed over time, you need to employ a range of tactics that will help you build and secure a market position and limit options for your competitors. In this chapter, we will look at the various techniques a savvy entrepreneur can use to build a moat around their business, thus minimizing the effects of an attack by a competitor.
In particular, we will look at the following topics:
- Intangible assets such as intellectual property (IP) laws and legal protections
- The benefits of the network effect and the platform effect
- Control over a vertical market or key relationships in a vertical market
- Switching costs and pricing strategies
- The benefits of good customer service and customer support
- The power of a well...