Oh no!......

Submitted by funkyoldcortina on Wed, 06/06/2007 - 19:15.

last night horror whilst filling in the market section of my plan i made a horrible discovery..
some one has beat me to it late last year!

to start with i felt really disheartened and down and even a bit angry i dindt move a bit faster but as i thought about it its not such a bad thing.

for one it means im not the only one who thinkd there is a markert in the uk for the product and they are already an established business so i guess they did their research too.

and i didnt think much of the site either, sure its a fully fledged e commerce site but there is no real passion behind it to me. I think this may be because they are already running a business to the same target market (students initially) but of a totally different type. Also the product they are selling is somebody elses they sell on from canada - this means they have a ready made huge range to bring to market ( one of the barriers to entry) but no targeted selling or marketing and the site is sooo formal not one that would interest me in the slightest as a student (it wasnt that long ago i was one honest!) I thik they have very little market recognition so far and a tiny market share so plenty of room if i do a good job with lots of Love for it!

so its descision time do i give up on a years research and start again or come out fighting!

(i know what i think) let me know

dave

Don't give up, Dave!

Submitted by Ask M on Wed, 06/06/2007 - 20:02.

There must be a way you can differentiate your product, Dave. For example, you say the existing company doesn't seem to have your passion and doesn't seem to appeal to the target market, and you feel you could do that better. If you think so - then you may well not be the only one.

Not everyone can invent the wheel!

Hang in there - and good luck!

M

if mr Branson can do it so can you

Submitted by gsales on Wed, 06/06/2007 - 23:28.

most people do not wake up and find that their idea is truly original. Lots of people find that there is enough space in the market for two or maybe more suppliers. Virgin makes a point of picking markets that are flat and need to be regenerated. They have picked debates!!!! / business wars with coca cola, BA and many others. They have usually taken enough market share to make a very good living - recent example to me is who remembers ntl - virgin media has killed them off very quickly - lol. Don’t give up look at how you can slightly diversify if you like - also look at the way you market - you may be able to price differently - or give away a free product or two for 1 and a half for example. Entrepreneurs are risk takers full of energy looking for a gap in the market. Its often how you sell not what you sell!! Hope this helps. It would be sad to change your hard work if you truly believe in your product - go on take risk and take them on head on - maybe there time is up and their customers could do with a new supplier. test the market and ensure the market likes what you do. Good luck!!!

Gary Sales
gary [dot] sales [at] scarecrowconsulting [dot] co [dot] uk
www.scarecrowconsulting.co.uk

Gary Sales
Continual Solutions
www.continualsolutions.co.uk

They can only open the market for you

Submitted by LizCable on Thu, 07/06/2007 - 09:56.

I have a similar issue, with a competitor that has popped up overnight, and can afford ITV adverts in my area. You don't need to imagine the sinking feeling in the pit of my stomach when I saw them (I'm sure you've felt it too!).

All I think is that it educates the customer about the product, makes them want to go do some research and learn more, and that's when i can get them coming to my site, at the googling stage.

:) Competition is Good, it makes us sharpen up our act.

Best of luck, and don't give up!

Liz

Competition

Submitted by annasmedgard on Sat, 16/06/2007 - 09:49.

Hi Dave

Like Liz says a bit of competition is healthy...
If it has also just recently launched then it is still early days, and also it could be a good thing to follow them very closely (as if you wouldn't ;) ) and then you can see all the mistakes they make and avoid them for yourself.
It isn't actually a bad thing not to be first to market. Early is good, but if you can be early AND better than the first guys then you will save a packet avoiding expensive mistakes. Plus they will do a fair whack of the 'training the unknowing public' that there is a new type of service or product and you won't have to do all of that yourself. Also a huge saving.

Anna
Moderator, flyingstartups.com

Anna
Moderator, flyingstartups.com

Thanks All....

Submitted by funkyoldcortina on Sat, 16/06/2007 - 20:27.

Hi everyone,

thank you for the masses of support and ive stopped being so silly now!

ive taken on board everyones comments and started adjusting the business plan and adding in the new competitor to the equation.

I think i can do a better job and been dealing with the key suppliers at the moment to decide who to use,

I am producing a very limited number of product related business management and will be asking on here for volunteers to review it for me and give critical advice - any takers!

so im not going away just yet!

Dave

Good for you!

Submitted by emily on Sun, 17/06/2007 - 10:19.

Hey Dave

It must have been incredibly disheartening for you but you're carrying on with a positive attitude, which is fantastic. We're all rooting for you!

Your product sounds intriguing - I'm always up for improving my business management. Do tell more!

Emily

work: www.webfooteddesigns.co.uk
blog: www.marblecake.org.uk

work: www.webfooteddesigns.co.uk
blog: www.marblecake.org.uk