Was introduced to a new term today: Later Marketing. The goal of lateral marketing is not to capture part of a market; it’s to create an entirely new market.
Wow! That makes a lot of sense. Thinking on this subject a little more, I realized that many start-ups and existing small businesses are jumping into the “frying pan” with tens or hundreds of other businesses going after the same market. Their goal is to get a percentage of the existing market away from others. They base their future growth and income on obtaining a market share from other like businesses. In my opinion, this is one of the most difficult (not impossible) ways to grow a business.
It make sense to bring in a new product or service and create a new market. Since Change is the only constant in our lives, people are willing to listen to something new. There is no competition thus you have the entire market to yourself.
If you have a passion for your new product or service and have completed some market research i.e. focus groups, one on one interviews, or confidential presentations to friends and business relations, then you are ready to go. The internet is an excellent place to research the viability of your product or service.
The start up still requires a “Strategic Focus Plan” which sets a time table for each growth steps and also defines a budget and realistic expectations.
If this is your dream, act on it. Take it to your support group and talk it over with your mentor. So many dreams die for lack of action. Don’t let the procrastination bug get in your way!
“The thing always happens that you really believe in; and the belief in a thing makes it happen”
Have a great day!