Market Access Pitfalls 7: Competitors

Market Access Pitfalls 7: Competitors

Don’t underestimate your competitors. Most of my clients did – within their industry in general, and for their specific product. „We have no competition anywhere,“ more than one told me proudly. A quick Google search would typically reveal plenty of competition, some already well-established in the market. In one case, it turned out there was a company that had similar tech as my client, and had already built a complete D2C business around it.

The Lucky Few…

Perhaps you really do not have any competitors because you have, for instance, developed a unique tech solution. Go and use that advantage for as long as you can. If your product is very good, competitors will start popping up soon enough.

Anyone Else…

Especially in a market like Germany that is not too open to new brands, you will need to prepare your entry strategy as carefully as possible. Most likely, you will have more competitors in the market than you thought. Research them, their products, their prices, their operational set-up and what they are up to. Remember that, unlike you, they are most likely operationally far ahead of you and much closer to the consumer.

A large number of market players may indicate a hot market in which you, too, can be successful, or a saturated market in which everyone is fighting for survival.

Try to also find out about competitors who failed. What contributed to their failure? Do you share any of these characteristics?

Consider these factors very carefully, then determine whether it makes sense for you to enter the race.

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