If you have a competitor that already owns the majority of the market for your product category. Don’t stop! Come up with a plan why your product will be 10x better, 10x faster or 10x cheaper and you have a shot at dethroning the king of that category. Just build the right team, the right product and figure out how to reach that market. It’s not easy, sure, but great things require great people.
Competing in a field just because you're 10x cheaper is probably a quick recipe to fail. This competitor can simply "kill" any startup that started getting traction by decreasing their prices, until the new player goes out of market, and they -since they are kings- have the cashflow to handle this.
It'd be even great if you make it easy for your customers to migrate seamlessly from X to your product!
I'd say it's not just about faster cheaper or better, but rather about #theBigWhy for which this target market needs to hire the product (the #jobstobedone)
Netflix succeeded with a better model than Blockbuster because of its subscription model. There is another company now that wants to compete with Uber called Hovr, which has a different payment model for taxi drivers.
So the startup just woke up and found out that the competitor owns majority of the market? Why to be in a red ocean in the first place?
The 10x element is KEY. Only then can you be in a league of your own in your industry and compete with the bigger players.
Absolutely! Focusing on a clear value proposition is key.
Preach! It’s all about the execution & the strategy to scale.
Unfortunately Tambi Jalouqa, hiring the right squad is not the #1 priority for the current CEOs!
Freelancer
1moWhen Google launched its search engine, there were already well-established companies like Yahoo, Microsoft (with MSN), and AltaVista in the market. One of the key reasons for Google's success was its simplicity and user-friendly interface. People found it easy to use, with a straightforward search input and a button, which eliminated the need for further instructions or help, unlike some of the more cluttered interfaces of its competitors at the time. This simplicity and ease of use contributed significantly to Google's rapid adoption and popularity.