New markets don’t work the same way as old markets.
In established business and established markets, products go head-to-head in three fields of combat: price, features and positioning. Competition is clear and the rules of engagement are clear-ish.
Start-ups and anyone taking new products to new markets rarely have like-for-like competitors. Instead, their battles are against ignorance, ambivalence and trust.
Ignorance – customers don’t know who you are or that your product exists. Don’t wait around for word of mouth, give it a helping helping hand. Socialise, speak, market, meet, solve questions, add content, earn their attention.
Ambivalence – even when they know you, most won’t care. Don’t waste time or money convincing non-customers to listen. Instead, find people actively trying to solve problems they care about and are dissatisfied with their current solutions.
Trust – everyone suffers trust issues. What can you put on the table to convince them you’re a safe bet for their time, attention and cash? Recommendations, evidence, financials, credentials. Look them in the eyes, be authentic.
Spend your resources breaking down barriers, go where customers need you and fight the battles they care about.
What are you going to do?
What’s your biggest blocker: competitors, or ignorance, ambivalence and trust?
If it was a technology hurdle, you’d engineer your way around it.
How can you engineer knowledge, interest and trust? Do that.