Existing Markets

Question: 

How do you compete with others in existing market as a newbie? Is there a book for such topic?

Gary's Answer: 

New businesses cannot compete in an “existing market”. They must discover a new market if they are to survive.

What is a market? It is a group of people. Customers are individual human beings. A market is one way of grouping people together. In any set of customers, there are more ways of grouping them than there are customers.

Marketing strategy is all about identifying a group of customers where your product or offering is clearly the best choice. This means you must identify a group of people who have needs or desires that are currently not being satisfied. This is what we call an “opening”.

The job of a new business is finding an opening and filling it. Each successful business fills their opening in a little different way than other business. People study strategy so they can learn how to recognize openings and the best way to fill them.

My book, the 9 Formulas for Business Success: the Science of Strategy explains how to find winning positions that create new markets.