You had an “a-ha” moment when you came up with an amazing idea for a business. You quickly looked it up on the internet to find out whether or not there is anything like it, and lo and behold, there’s already someone developing the same business idea. Or, you started work on your idea, only to find out that someone else has also been working on the same business, too.
You might be bitterly disappointed, and left wondering, “What’s the point of doing this now that there’s someone else doing the same thing?” But even if there are other businesses out there doing something similar, that doesn’t mean you need to quit working on your idea.
There’s likely enough room for more than one solution in the market. You just need to leverage the market information to differentiate your business from the others.
Having other businesses in the same space helps validate that there’s a need out there. And, if those businesses are making money, there’s proof of demand for it. That doesn’t mean that everyone is satisfied with the solutions out there, though. There’s likely enough room for more than one solution in the market. You just need to leverage the market information to differentiate your business from the others.
Identify Your Customer Niche
The other businesses in the market may be offering their products or services to a broad customer base, leaving behind gaps for specific customer niches. By specializing in a specific customer niche, you can focus on developing a solution that uniquely benefits those customers. And by being the best fit for their needs, you can develop stronger customer relationships and build a community around your business.
Improve Your Customers’ Experience
Look at the solutions in the market and study what’s working and what’s not working for your customer. And, work on improving the experience. This might mean making the product or service more accessible or easier to use for customers, making the process of delivering the product or service more efficient, increasing the quality of the product or service, or improving customer service, among others.
Demonstrate Your Value Proposition
Your value proposition explains how your product or service solves your customers’ problem or improves their situation, how it delivers specific benefits, and what makes it unique. You can differentiate your business by making sure your value proposition is clear and engages your customer segment so they see themselves in it and understand how they can benefit from working with you.
In conclusion, it’s not unusual to have a business idea that resembles others. Rather than giving up, take the time to look at what’s in the market and determine what differentiates your idea from the rest.