Lack of Differentiation

As the owner or manager of a reseller or consulting firm, you have a basic choice to make. You can pull back and ride out this difficult period, or you can use this disruption to your advantage. You could take this opportunity to create and dominate a new market.

New markets offer some wonderful attributes. Because they are new, you have no competition. As the only player in the market, you have room to experiment. You can price to the needs of your customers, instead of to rivals. This usually brings you higher margins. For some owners, the best news about the idea is that you can get the satisfaction of creating something new.

This need not be expensive. FedEx and Palm Computing were both started with almost no cash. AOL created a new market without investing in a lot of new technology. I studied hundreds of new market successes and failures to write "Creating and Dominating New Markets," and I can tell you five success strategies that have worked to reduce the risk. If you want to enhance your chances of success, and do so at a lower cost, heed these key lessons.

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