Posts Tagged ‘competition’
What is Competition doing now?Oct 29 2013
- Bob Cannon
- 1,062 Comments
“What is Competition doing now?” This critical question is frequently misunderstood by many would be inventors. How many times have I heard the response that, “I don’t have any competition, there is nothing else out in the market like my product.” It entirely misses the point that the prospective customer is doing something currently that would be replaced by your new product idea. Think about it for a moment. The automobile was totally unique, but people used horses to get around before. The ball point pen was totally unique, but it replaced the fountain pen. The cell phone replaced the phone booth. The iPod replaced the transistor radio. Virtually every product you can think of replaced something else that allowed the prospective customer to achieve a similar if not the same end.
If you don’t know what is being done now, how can you explain the features and benefits of your new product or service?