There is no lack of great ideas in the world. It’s amazing how a solution to one type of problem and be adapted to solve another. The advantage of a first mover is obviously the brand recognition and the opportunity for quick market share but there is a risk. Others can see where the first mover fell short, tweak their product to cover it and now you have competitors. This is healthy and good.
This is also where niche markets are created. There is always a set of potential customers who are not well served by the prevailing market leader. Maybe it’s features or price. Maybe it’s a completely different demographic altogether.
There are two principles to be gained here. First look for problems that need a solution and look around you. Someone may have figured out the solution for a different problem. Second, look for those who didn’t buy into the prevailing product offering and understand why. You may have discovered a profitable niche.
Austin Kleon has a new book – “Show Your Work”. I am sure there are great quotes to follow.
Blogging Gazelle is published daily by Shawn Carson