Timing your entry into a market is a key element of success. Entering a market that’s in a coma, or trying to launch with a wholly unproven business model can end in disaster.
So when should you launch? The moment you see that your future competitors are doing well, and that their business models are working, it’s time to buckle up and get into the race.
In other words, when your product/service has been proven relevant by your competitors, you can assume the position of second-mover champion. The market is alive and ready for you. The market has already been tested and proven the products are viable.
- Others have tested out what people are willing pay for the service.
- Others have tested out workable marketing and sales approaches.
- Others have demonstrated how potentially rich the market is – how much success is there to be had.