Creating and Dominating New Markets

Creating and Dominating New Markets

Creating and Dominating New Markets

by Peter Meyer

New markets (markets that did not exist before you created them) are exciting, profitable and forgiving. They provide the thrill of creating something no one has done before. They also lack the competitive pressure that reduces prices in mature markets. You do not find new markets. You create them by finding the solution to a problem that people want resolved. In other words, a new market exists at the convergence of a high level of perceived need with a solution that didnot previously exist. In this summary, you will learn how to create new markets (and thus avoid battling for a place in established markets that already exist) while reducing your risk.

What You'll Learn

  • The definition of a new market and where to find them.
  • The most important resources you need to create and dominate new markets. You'll need time, people and money.
  • The role of customers in creating new markets. New markets are created when a company develops a solution to customers' problems.
  • What new markets are available to you. You can choose one of four paths - involving combinations of new and existing customers and new and existing products - to lead you to a new market.
  • Different strategies to manage the risk. Depending on how well a company understands the customers and products, it can significantly reduce the risk of failure in a new market.
  • How to dominate new markets once you have created them. Credibility and involving the customer in product design can help you dominate a market.
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