Short excerpt from a YouTube video advising entrepreneurs that when entering established markets with entrenched competitors, a product or service must be substantially better—not just slightly better—to persuade consumers who tend to stick with trusted brands.
If you're a new company, unless it's like some new industry or new market, if it's an untapped market, then the standard is lower for your product or service. But if you're entering anything where there's an existing marketplace against large entrenched competitors, then your product or service needs to be much better than theirs. It can't be a little bit better, because then you put yourself in the shoes of the consumer and they say, why would you buy it? As a consumer, you're always going to buy the trusted brand unless there's a big difference. So a lot of times, entrepreneur will come up with something which is only slightly better. It can't just be slightly better, it's got to be a lot better.
Remember me? Subscribe To My Channel For More Free Business Systems Content 📈
