I hate to hear someone pitch, “We don’t have any competition”.
For one thing, it shows they aren’t being honest with themselves, let alone me.
For another, if it is true, then there is no market and if there is no market, then there are no customers. It’s not impossible to create markets from scratch but first movers have the burden of convincing people to be interested.
Finally, it shows they have overlooked the one competitor we all have. That’s the customer’s decision to do nothing.
If there are a number of competitors in a market with no clear leader, the good news is that there is a defined customer problem but it also means no one has figured out the solution. Go figure out why and you’ve got a hit.
Blogging Gazelle is published daily by Shawn Carson