target-marketI have been considering a business item with Big Market + High Competition since it looks like having much profit when it becomes well and investor always like a item having big market but I’m worry I could win over lots of competition if my item/service is similar, or just have little advantage. So I start to think I have to change
Which things I should keep in mind for this matter? Anyone have faced similar concern? How would you decide if you have chance to choice?
If the market is already big with lots of exiting competitors it is not that attractive for investors. What they are looking for instead is something that has the potential to grow big and has a few competitors at the moment. So instead of focussing on an existing big market like Search, Mobile etc. you should try to frame the narrative so that you are talking about a market which has big potential.
In terms of trying to win over customers, your product needs to be something like 10 times better than the competition if you looking to do that. Having a marginal advantage in a high competition market will not help. One way around it is to focus on solving a specific pain point 10 times better than your competitor. This ways you have at least one clear differentiator.
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