Yips, Pips, and Yaps - 5 Pillars Of Competition For Product Based Companies
Summary
In this episode of the Coyote Small Business Podcast, Thomas discusses the complexities of developing a new product-based company in a competitive market. He highlights the importance of understanding product viability, the challenges of being a first mover, and the five key areas—service, price, variety, quality, and design—where businesses can compete. The conversation emphasizes the need for a strong brand strategy to differentiate in the market.
Takeaways
- Developing a new product is both easier and more difficult than ever.
- Being a first mover has its challenges, including market education.
- A product may not be viable due to high costs or lack of interest.
- Timing is crucial for product success in the market.
- Competing on price is often not sustainable for small businesses.
- Quality can justify higher prices but requires investment.
- Design can differentiate products in a crowded market.
- Every product-based company must consider the five pillars of competition.
- Brand strategy is essential for market differentiation.
- Storytelling can resonate with consumers and enhance brand loyalty.
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