To enter a fast-changing new market, what should we offer/build first?
What do we need to build to create a compelling new offering to enter a new, fast-changing market?
How much of what we have now, if any, can "kick start" our entry?
How can we enter a new market fast - with something compelling?
What do you need to enter a new market with a competitive offering?
What part of what we do now will be seen as attractive to a new market?
And, even for the things that you do build, it is often an even tougher challenge to know how much you should emphasize what you do need to create. Do you wonder;
Am I investing too much or too little in this part of the offering?
What part of this effort should I emphasize - should I “gold-plate” – to win?
Will customers really see value here?
Can I cut back on "polishing" some of these – with no real negative effect?
Your situations: in a market, that we don't know well - what could be valuable?
What do winners "look like" and what can we do differently - that could be competitive/compelling?
What you do: guess and go, or take too long using a lot of “peanut butter”
Since you're not highly confident about what the new market values - you make your best guess and move quickly. Sometimes you hire a market SME with the market knowledge to intuitive insights to help your team wrestle with these challenges.
Often resources are apportioned in the "sandwich model” - equally spreading resources - like peanut butter on a sandwich - across the project evenly. But this guarantees that you will have two error modes - risking a market flop and taking too long to launch by NOT emphasized what should be and overbuilding what should not.
For both, you hope Agile and Lean cycles will give you the insights you're looking for - but often they don't, since the reason for why a new offering flounder is so unclear: is it Marketing? Packaging? Sales engagement? Usability or something more fundamental like the value prop? technical performance? how do you know which?
Enter the market as fast as possible
Use as much of your strengths as possible
Use as much of what you have as possible
A compelling offering - a distinct competitive advantage
Disrupt a new market in 5 steps
For this frequent challenge - you can break down key components into simple, addressable components - so that you can quickly define and validate a compelling, differentiating offering.
First, focus your efforts on the projects' biggest risk type. For most new projects this is a typical value prop vs. other risk types like usability, technical performance or Go-to-Market.
Define a precise, very granular vision - your hypothesis - for a release that would be compelling for the people most likely to adopt your new offering.
Align your team's effort to create compelling, differentiating, winning offering
Validate concepts – early, cheep, before bigger bets, bigger risks
For the new market define and Create Compelling - for the people most likely to adopt your new offering while mitigating your biggest risk, fast.
Use these decision tools to emulate the same best practices that Gateway Adopters use to disrupt their own markets - always taking risks, sequentially maturing, prooving new concepts that the mass-market follows.
Why this works.
Why care about "Gateway Adopters"?
They are a key gate on the path to mass adoption: serial breakthrough innovators.
The provers of winning solutions that the mass-market follows.
Serial innovators, repeatedly successful with high-risk projects
You can find and engage them in your market.
You can emulate how they succeed.
A catalyst to the mass market for great solutions — not a "chasm".