The purpose of the paper is to discuss concept of place and nation brand, and to analyse attributes which make place unique and differentiate it from rivals. This article presents insights into hidden perception of differential advantages of Serbia, seen through the eyes of internal (Serbian nationals) and the most important external stakeholders – business class in Italy, Austria and Slovenia. The aim is thus to gain from internal and external perception the list of unique attributes that distinguish Serbia from other countries in the region. Qualitative research combined with semantic and sentiment analysis revealed existence of certain similarities and differences in both perceptions. People and unique Serbian mentality were recognized as the greatest differential advantage of Serbia, but also some negative attributes appeared like war legacy in external perception and internal problems in internal perception. Empirical evidence proved the presence of matching differential advantages in both perceptions and pointed to necessity of applying strategic approach in managing perception of Serbia.