Today’s blog is written by Monscierge Marketing Coordinator, Angie Ford.
Technology is moving fast. It seems like as soon as you think up a new mobile app feature, 10 others have just taken it to market.
In business school, we learned not to create a product or service unless it was new or improved something that exists- cheaper price, better design, improved function, etc. This is why so many small businesses fail- they do what others are already doing, but they don’t do it better.
People often dream of running their own company, but finding a demand that’s not already being met is difficult. A gift shop down the road went out of business, most likely because we could purchase their items at half the cost online. A beef jerky store opened recently in the same shopping center. I have low expectations for this place. Your community’s desire to support a local business just isn’t enough.
Are you a tech company? When it comes to innovation, you have to think 1-2 years ahead. Your competition is designing apps for technology that is yet to be released. It’s ok to develop a feature that already exists as long as you do it better and get it to market before someone else does. Don’t waste your time doing what’s already being done. Be innovative or work with a tech company to be innovative for you.
Easier said than done, right? Get to work.