In a fierce market with intense competition, by how much should a product be improved so as to stay competitive?

Question

What is the bare minimum that my product has to be good enough to surpass my rivals that already have a well-established foothold in the market place?

Answer 1

In order to compete in an open market, it is not enough for your product or service to be qualitatively better than what is already offered. Perhaps being better than the existing choices in the market is not enough; your options should easily attract consumers from already established names. The gap should be reasonable to persuade the general population into preferring your product.

Comments

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Knowing the difference between creating a business and creating a company, can prove to be the thin line between success and failure.
There is so much that small businesses need to adapt to, in order to thrive in a competitive market.

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In the 1980's, the Beta video format was technically better than VHS. Yet VHS dominated the video tape market back then.

So, consumers don't always gravitate to technically better products.

It's often aggressive marketing that caused them to do so.

Your product just have to be good enough.

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Time to start working more, only focusing on the most important things, and making much better products.