Entering an existing market

An existing market is pretty easy to understand. We say you are in an existing market if your product offers higher performance than what is currently offered. Higher performance can be a product or service that runs faster, does something better or substantially improves on what is already on the market. The good news is that the users and the market are known, but so are the competitors. In fact, the competitors define the market. The basis of competition is therefore all about the product and product features. You can enter an existing market with a cheaper or repositioned “niche” product, but if that is the case we call that a resegmented market.

Part of book: The Four Steps to the Epiphany