photo credit: tinou bao
Finding an establish competitor is not necessarily a reason to give up on your business idea. True, in some ways, it will make it harder. But it does prove that that a market exists for your product or service. The Netsetter has detailed six strategies to take on an establish competitor:
- Specialize / Subniche
- Dramatically Change the Product Features (and Yes, Price is a Feature)
- Position Yourself as the Alternative
- Internationalize
- Generalize / Superniche
- Parallel Niches
The core idea behind all six strategies is really the same – differentiation. It’s hard to win in a head to head battle when your opponent has massive advantages in size, recognition, cash, audience and brand. So if you’re going to challenge them, the best thing to do is get them off their home turf. Using this secondary battleground you can build up your own size and strength until you’re finally ready to turn around and give them a run for their money.