Yips, Pips, and Yaps - 5 Pillars Of Competition For Product Based Companies

Summary

In this episode of the Coyote Small Business Podcast, Thomas discusses the complexities of developing a new product-based company in a competitive market. He highlights the importance of understanding product viability, the challenges of being a first mover, and the five key areas—service, price, variety, quality, and design—where businesses can compete. The conversation emphasizes the need for a strong brand strategy to differentiate in the market.

Takeaways

• Developing a new product is both easier and more difficult than ever.
• Being a first mover has its challenges, including market education.
• A product may not be viable due to high costs or lack of interest.
• Timing is crucial for product success in the market.
• Competing on price is often not sustainable for small businesses.
• Quality can justify higher prices but requires investment.
• Design can differentiate products in a crowded market.
• Every product-based company must consider the five pillars of competition.
• Brand strategy is essential for market differentiation.
• Storytelling can resonate with consumers and enhance brand loyalty.

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