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A case for the bullshit of an immature market
All brands must steal market share to survive, even if you believe you are first to market.
When you evaluate your category, look at it as the satisfaction of a customer’s need or want.
Suddenly, even your most immature market begins to look remarkably crowded and quite mature.
Evaluating your offering in terms of a perceived need or want is an important understanding.
It forces you to see your product and service from the outside-in perspective of the customers you are trying to influence.
Immediately, your new category looks a great deal like a marketing improvement. Not an immature market.
Certainly, it is important to tout innovative advantages.
But do not get lost in the minutiae of process that excites the engineers and the lab-coated folks in R&D.
They love process. Your target audience cares only for the outcome and purposes.
Therefore, think about every means the customer has of satisfying the need or want of your new product.
That's your competitive set. And it's a mature market.
FedEx competes with UPS and DHL, for sure, but it also competes with all means of communicating and sharing data at high speed.
The competitive set therefore includes texts, faxes, email, telephone, social media posts and, in an older age, carrier pigeons.
When the iPod hit the market, it competed not only with other MP3 players. But also every means the end user had to play music.
There are no such thing as an immature market .
There are a number of existing products that are certainly satisfying the category need by other means.
To get consumers to change their current behavior, your brand needs them to change both their loyalties and their actions.
And choose differently.