The key to a successful market entry is having no surprises. Of course, you can't control everything in business. But you can be as informed as possible across all the risks, expectations, attitudes and behaviour of competitors, channels, customers and their influencers which will directly affect your business.
Having these insights will make it so much easier to make many important decisions. It's also a great resource for your sales and marketing teams, it can help you choose distribution channels or partners and it will engage the support of your board, commercial partners and investors.
Working across industries as we do, we see a lot of great ideas and technologies fail and not because the user didn't like or want the product. Very often the customer is not the user and they may not want to pay for the product. Or a key influencer or channel won't support a product because they lose revenue if the product succeeds. And then again, many companies just target the wrong group of potential customers or just can't get their value proposition right. All of these mistakes are avoidable.
To get noticed, a new product or brand needs to have something special that makes it stand out from the crowd. Being different isn't enough. It needs to be different in a way we find relevant and appealing. We find ourselves drawn to it, we want to try it and when we do, we want to stay with it. It might make our lives easier or maybe just more enjoyable. It might save us money or we might be quite happy to pay more for it. It might just perform better for us.
Whatever the difference is, it needs to be a real advantage in the eyes of the customer or the user. The innovator's job is to make sure the new product can stand up to competitive scrutiny and deliver on its promise.
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