Reinventing Your Market

Reinventing your market means finding something new that no one is attempting or addressing and meeting that need. Going in another direction than you or anyone has gone before. Just like the nuthatch – looking up instead of down. Entrepreneurs can learn from this evolutionary process.

For years, coffee was coffee. What was the real difference between Maxwell House and Folgers? A former president saying it was “good to the last drop?” Freeze drying? Did anyone really care about a one hundred year old slogan or the process they used to make the coffee? No, they tasted the same pretty much. Then Starbucks turned the coffee-drinking world on its ear by blending. The answer was blending different flavors and labeling it “gourmet” coffee. They reinvented coffee and changed the playing field. Suddenly everyone who was anyone was getting into the blended coffee business. Seattle’s Best, Newman’s Own, even Dunkin’ Donuts!

To reinvent your market, you need to invest a modest amount of energy into an innovation. To start the innovation process that could lead to such a breakthrough, you should perform a detailed competitive analysis. Pay attention to all the market intelligence you can get. Use your competitive intelligence to make good, innovative decisions. What areas are your competitors covering? What areas are they not covering? What are they leaving untouched?

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