Incrementally better isn't good enough.
Posted on December 07, 2017 by Joe Curtin, One of Thousands of Business Coaches on Noomii.
What if, instead of finding small ways to better an existing product, you searched for an untapped market need?
Being an entrepreneur, you know that you need to out-maneuver your competition. Entrepreneurs are good at identifying holes in the market. However, they often find ways to be better than the competition by too small of a margin. In today’s hyper-competitive world, it’s too easy for bigger players to quickly copy the insights that you’ve had. What if, instead of finding small ways to better an existing product, you searched for an untapped market need. You have now made your sales pitch that much more compelling and created more distance from competitors?
In the great book, Blue Ocean Strategy, research shows that the majority of profits come from new businesses that adopted the mentality of creating something few others were doing.
Your task: Stop focusing on incremental ways to differentiate your product and start thinking about how you can be #1 in a completely different way.
