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your product ends up expanding the market that you are in because you create a new market for new customers who never used any of your competition
- at the start, you don’t focus on stealing sales from Competition, But that would eventually happen once these customers realize that my product aligns more with their needs (So they were never my competitions’ Target audience). this is what happened with the wine company
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It creates categories that were never even considered
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companies exists between a spectrum of functional appeal and emotional appeal
- coffee vs starbucks
- If your competition is focussed on functional, Lean towards emotional and vice versa
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you can innovate beyond your industry. Look into how you can connect two different industries like NetJets
- look up industries that are alternative to mine and analyze why they make that switch. The coaching industry versus the AI communication coach
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consider the entire customer experience and not just the core problem for a specific niche
- analyze what happens before and after?
- look at how we can compliment the experience that the competition already provides. For example, parents want to watch a movie while also getting someone to take care of their kids. that babysitting service has created A hidden value
- In my case, that would be exploring mindfulness before the event and reflection after
- what other hidden values can we create for speech improvement?
- analyze the entire customer experience
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combine the most attractive factors of different groups within your group
- for example, online versus in person shoe stores. commercial vs luxury cars. lexus is the perfect example of that
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look at the chain of buyers. redesign the product to appeal to different buyers