Product-market fit is important, but why should you let existing markets dictate what you do?
Not even the hottest markets welcome all comers. At the end of April, robotics startup Anki closed shop and laid off more than 200 employees after burning through its $200 million in funding. Anki built interesting products, particularly robo-toy Cozmo, but the company never found its footing in a market where investor and consumer interest remain at peak levels.
Though entrepreneurs have heard countless times to pick a niche and dominate it, today’s hyper-competitive world demands a different approach. Just as workers are creating their own income streams outside traditional employment, founders must look beyond existing opportunities to offer something truly unique:
The Making of a Market
Companies that join the fray put themselves at the mercy of industry leaders. If the top companies decide to shift direction, they take consumer expectations with them, forcing smaller businesses to make expensive changes or perish. On the other hand, companies that carve their own niches become the masters of their own destinies.
Break free from crowded spaces to create your own market using these tips:
1. Combine benefits from multiple industries.
Apple once saw an opportunity to merge the mobile phone and MP3 player markets. Today, Apple remains one of the top two brands in mobile electronics, and smartphones have become an essential part of modern life.
Instead of borrowing ideas from companies that do the same thing you do, take a broader perspective — think about how you could offer value by adding something new. Consumers and businesses enjoy services and products that approach them in familiar ways.
Connected-home company Plume, for instance, created a solution for better in-home internet by building a platform that could also introduce a number of new services to the home. Plume delivers services like custom guest access and parental controls in a format that feels simultaneously familiar and fresh. Other new services, like Advanced IoT Protection, will help Plume gain a stronger foothold as the tangential IoT industry grows alongside it.
2. Start evolving from day one.
Just because you get there first doesn’t mean you can claim dominion over your new market for all time. Just as Plume’s IoT developments will keep the company ahead of others who would compete with it, plan to evolve beyond your first product or service if you want to maintain dominance of your fledgling industry.
Uber today exists as one of the premier employers in the gig economy, but the company’s long-term goals may not include drivers at all. Uber spent $457 million on tech initiatives like self-driving vehicles in 2018, according to its recent IPO prospectus. The king of rideshare is even looking at flying cars as a potential avenue for expansion.
Autonomous vehicle fleets may not arrive for a while, but Uber plans to be the first and best in that market when it materializes. Your company doesn’t need billions of dollars to plan for the future, though. Think about what customers want and how those desires will evolve. Do your research to prove your hunches and structure your company in a way that won’t choke your growth.
3. Focus on your values, not just value.
People like things that make their lives better, but they also like brands that share their values and principles. To maintain dominance in a market of your own creation, define the values your company will follow and infuse those values into your operations.
Employee feedback startup Culture Amp believes strongly in the effectiveness of values-oriented hiring. Rather than hire candidates who look and act like existing employees, Culture Amp uses bias training to ensure hiring managers understand their own prejudices. New hires go through hour-long culture and values educational sessions and work with mentors within the company to maintain a lasting focus on values.
You don’t have to start a charity on the side to establish a values-oriented company, but customers want to see that you care about the same things they do. As you build your new market, talk to people who experience the problems your business solves. Create customer-centric content, and encourage users to submit their own stories. Work with partner organizations in other industries that care about similar causes to magnify your impact (and boost your customer base in the process).
Crowded markets don’t leave much room for new entrants. Instead of trying to shove your way to the front, build your own stage and give people a reason to come see what you have to offer.
You may have to lose sight of the shore to find success with your next business.
pexels.comhttps://www.forbes.com/sites/serenitygibbons/2019/06/29/not-sure-what-to-start-next-found-your-own-market/
2019-06-29 09:00:15Z
CAIiECpEbaD0UbQSgDabIZeeXiYqFQgEKg0IACoGCAowrqkBMKBFMKGBAg
Bagikan Berita Ini
0 Response to "Not Sure What To Start Next? Found Your Own Market - Forbes"
Post a Comment