My direct competitor started 2 years ago, I came up with the idea kind of late, he already has 6000 clients, mobile, and web app, his business is up running, he can quickly imitate what I could differentiate myself from his business and je just secured funding to expand to the usa Market. as a solo-preneur with full-time job, I was wondering if I could compete against that and since at this point I'm still seizing the market, should I drop the ball and move to something less risky. Thanks
The fact that you say "he can quickly imitate what I could differentiate myself" shows me you don't understand business. Product differentiation is but one way to differentiate yourself. The others include customer relationships and operational efficiency. I suggest you read "The Discipline of Market Leaders" to better understand differentiation. https://www.amazon.com/Discipline-Market-Leaders-Customers-Dominate/dp/0201407191
Does IBM have the best products? Does McKinsey have the best consultants? Well, they are pretty good, but not the absolute best. These two companies differentiate themselves by how they manage customer relationships.
Does McDonalds have the best hamburgers? Does Acer have the best PCs? No, they differentiate themselves through their operational efficiency which translates to low cost.
Do Apple and Lexus have the best products? Maybe, maybe not, but they have that perception in the marketplace. They choose to compete on product superiority.
I have clients with me-too products who are leaders in their space because they know how to manage relationships for the long term..
Answered 7 years ago
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