We have a ground breaking idea – how do we sell it?
Many entrepreneurs come to us with a new idea that they think could revolutionise an existing market, or start a completely new one. However, although revolutionary new products often seem like “can’t fail” options, in fact their paths are often strewn with difficulties.
Genuinely new products face the problem of adoption: if your idea is genuinely radical then how will you persuade people who’ve never seen anything like it before to buy it? Educating a market to try something they’ve never needed before can be a challenge – at the very least it takes time and careful planning. So-called “first mover” advantage can be less of an advantage than it seems – often the innovators are the people who learn the hard way, making mistakes that their competitors take advantage of in the second iteration of a new technology.
New products in existing markets face a different problem. If the need is established and you are providing a better way of supplying that need – the proverbial “better mousetrap” – then there will inevitably be a raft of established companies, with whom you’ll be competing. Both Mobiya on page 10 and Symbio on page 8 are examples of “disruptive technologies” that are set to change the rules of established markets, and both have had to develop ways to work around the existing players in their respective markets.
Take time to plan the introduction of your new product. Research the market and understand who your customers and their needs – how are they surviving without your product today? Also study your competitors – what are they doing right and wrong, how vulnerable are they? Managing and coping with the reactions of both of them will be the key to your success. Your Enterprise Hub team can help you plan a marketing strategy that will make the most of your chances of success.
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