Trying to create a new market is very “sexy”. All the marketing books and case studies will talk about the heroics of creating a new market where nothing existed and how those companies took abnormal profits.
What doesn’t get spoken in these case studies is the number of companies who fell by the wayside in trying to create a new market.
I have had my share of misadventures in trying to create a new market where there was none.
I have found that its always better to check a market where there are existing players and then find a niche in that market. If there are other players already, it means there’s money for that product or service . It means people accept that kind of a product or service.
If people already accept a certain kind of product then its easier to upgrade them to a more powerful version or more expensive version or sometimes to a simpler version. The basic concept of your product or service is known, so you only have to convince on the nuances that you offer.
Here you can be first with the nuance that you are bringing to the table and occupy that position in the minds of the customer.
Till next time then.