"Why Would You Buy it as a Consumer?''..

Introduction

When my brother and I embarked on our entrepreneurial journey by starting our first company, we made some unconventional choices. Instead of renting an apartment, we decided to rent a small office space where we could work and live. This meant that we would often sleep on the couch and shower at the local YMCA. We had just one computer to share between us, which we utilized to keep our website operational during the day. My commitment to coding meant that I spent my nights, dedicating seven days a week to our venture.

One crucial lesson we learned during this time is that when you’re entering a market, your product or service must be significantly better than existing options. It cannot be just marginally superior. When consumers evaluate products, they often ask themselves, “Why would I choose this one over the trusted brand that I already know?” Unless there is a substantial difference that makes one product stand out, they are likely to stick with what they know.

Many entrepreneurs mistakenly believe that offering something that is only a slight improvement will suffice. However, this approach falls short of capturing consumer interest. To compete effectively, your product needs to offer a lot more value compared to alternatives. Only then can you persuade consumers to take the leap and choose your offering.

Keywords

entrepreneurship, startup, better product, consumer behavior, trust, market competition, value proposition, innovation

FAQ

Q: Why is it important for a new product to be significantly better than competitors?
A: A product must stand out in a crowded market, and significant improvements are necessary to attract consumers who are inclined to choose trusted brands.

Q: What should entrepreneurs focus on when developing a new product?
A: Entrepreneurs should focus on delivering substantial value and discernible improvements over existing options to catch consumer interest.

Q: What challenges do new entrepreneurs face regarding product differentiation?
A: New entrepreneurs often underestimate the need for substantial differentiation, leading to products that are only marginally better, which may not entice consumers.

Q: How can startups ensure they are providing better products?
A: Startups should conduct thorough market research and actively seek feedback to understand consumer needs and identify ways to create significantly better products.