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Overview
"Many executives and managers want to create and then dominate new markets. The rewards include unmatched brand awareness, the luxurious financial position of having no competition, and the exhilaration of building something completely new.
Creating and Dominating New Markets shows managers, executives, and business owners how to emulate the remarkable success of savvy market creators such as Microsoft, FedEx, and AOL. The book delivers specific success strategies on how to:
• Identify the right market to create
• Use common denominators for success
• Avoid common and costly pitfalls that can easily derail efforts
• Find funding to support a new market
• Make the best use of time, money, people, and technology.
Packed with instructive examples and entertaining stories, the book teaches readers new skills — or helps them re-tool old skills — for jumping ahead of the competition and building an exciting, profitable venture."
Synopsis
Creating and dominating a brand new market is the Holy Grail for business owners and managers. Having no competition means that you can make and survive mistakes, attract and keep top talent, and price to market rather than to competitive pressure. What's more, when you prove that your're a market visionary, you can expect increased profits and higher stock prices to reward your efforts. And you'll enjoy the excitement and satisfaction -- the sheer fun -- of creating something new. But for every new market success, there are countless enterprises that burn millions of dollars trying and failing to create a viable market. How can companies avoid such failures? Creating and Dominating New Markets gives you a blueprint for doing just that. Packed with specific applications and ideas, this breakthrough book shows you how to emulate the remarkable triumphs of savvy companies like Microsoft, FedEx, and Palm. It recounts the fascinating stories behind market-creating companies like Daimler at the turn of the century and America Online at the dawn of the Internet age. The book explains how to formulate a plan for market domination, first by tackling basics -- like what factors all successful new market ventures have in common -- and then by exploring how to determine the right niche to target.
Creating and Dominating New Markets also presents innovative and practical ways to fund your effort, shows how to balance resources and opportunities, and outlines ways to program customer involvement into your plans. In addition, it investigates the role information technology plays in taking your new market ideas to fruition. Written for owners and managers who want to become market builders yet reduce their risk as they do so, Creating and Dominating New Markets will help you design the mix of strategies that's right for your own enterprise. All in all, this book gives you systematic, repeatable tactics for taking action in uncharted areas, so that you can rule over a flourishing new business environment of your own creation.
Library Journal
Meyer heads a consulting group in California that helps businesses create and dominate markets with new products. According to Meyer, "new markets are the product of someone's recognizing a potential, finding the right solution, and bringing that solution to market in a way that works." Meyer's prescription for success in new-market ventures includes detailed discussions of the risks and rewards and the necessary skills for operational managers, executives, market analysts, financial supporters, and salespeople. The particular needs and influence of the customer, changes in the economy (successful ventures can be had in any economic condition), the role of information technology, demographics, and changes in domestic and international markets are also critical. Throughout these discussions, he inserts accounts of many well-known companies that engaged in these ventures (including FedEx, AOL, Microsoft, Lucent, Motorola, and Nokia) and analyzes their successes and disappointments. This timely and thought-provoking book is a good choice for corporate, academic, and public library business collections. Steven J. Mayover, Philadelphia Copyright 2002 Cahners Business Information.
Editorials
Library Journal
Meyer heads a consulting group in California that helps businesses create and dominate markets with new products. According to Meyer, "new markets are the product of someone's recognizing a potential, finding the right solution, and bringing that solution to market in a way that works." Meyer's prescription for success in new-market ventures includes detailed discussions of the risks and rewards and the necessary skills for operational managers, executives, market analysts, financial supporters, and salespeople. The particular needs and influence of the customer, changes in the economy (successful ventures can be had in any economic condition), the role of information technology, demographics, and changes in domestic and international markets are also critical. Throughout these discussions, he inserts accounts of many well-known companies that engaged in these ventures (including FedEx, AOL, Microsoft, Lucent, Motorola, and Nokia) and analyzes their successes and disappointments. This timely and thought-provoking book is a good choice for corporate, academic, and public library business collections. Steven J. Mayover, Philadelphia Copyright 2002 Cahners Business Information.Soundview Executive Book Summaries
All business owners dream of creating a new market and becoming the dominant player. The benefits of creating and dominating markets include having time to get it right, being able to make and survive mistakes, achieving greater stock value, and pricing to the market instead of competitive pressure. New markets, such as those created by Amazon.com and Apple Computer, started with an idea for a market that did not exist before. In Creating and Dominating New Markets, Peter Meyer offers a guide to owners and managers who want to plan, create and dominate markets but also reduce their risk.Meyer, a successful business consultant and author, writes that companies that have been successful at creating new markets have some common key elements. These principles for increasing the chances of repeated success are:
- Customer-driven markets work better than vendor-driven markets. Customers will buy what they want, not what a company thinks they want.
- Take the two lower risk paths to a new market. Develop a new product for a known market or take a known product into a new market.
- Be willing to ignore opportunities to avoid diluting efforts. Not every opportunity is worth the chase - especially if it drains resources from other initiatives.
- Start with cross-functional teams and leadership. Creating new markets should not be left to one function (marketing, for example). No single business function can produce new markets alone.
In order to create a new market, a company needs three key resources to invest in opportunities: money, people and time. It does not necessarily take a lot of money to create a new market. The cost depends on the problem a company is solving and the audience that most intensely feels that problem. Meyer writes that people are even more important than money. People who excel at initiating markets often have different skills than those who know how to improve existing markets. Improving existing markets involves improving details. For new markets, creativity and imagination are more important.
The Importance of Time
Time is the most important resource and greatest expense for creating new markets, and it should be measured by time to market acceptance. Meyer writes that the sooner a company reaches market acceptance, the sooner it can reach market dominance, and the sooner it can move to the next new market.
Meyer writes that companies do not find new markets: They create them by finding the solution to a problem that people want resolved. In other words, a new market exists at the convergence of a high level of perceived need with a solution that did not previously exist.
Creating and dominating new markets is easier when a company starts with either products or customers that they know, but not both. Known products and known customers are difficult because companies will rely too much on past experience and market knowledge instead of creating a new market. Meyer writes that knowing either products or customers, however, reduces risk because a company will have some knowledge and experience.
When looking for how to make products appeal to the market, Meyer offers these three strategies:
- Shaping the market.
- Predicting the market.
- Asking your customers to help.
Meyer believes the best strategy is to involve customers in creating new markets. Involving the customer increases the cost in time, people and money of entering a new market. It also requires discussing problems without solving them or trying to sell products. But the benefit is the ability to get to market acceptance more quickly.
Having customers involved in defining their own experience is a common denominator among many companies that create and dominate markets. If users can easily adapt products to individual needs that the supplier never considered, even when the supplier uses a sophisticated technology, the customers make the product more meaningful to themselves.
New markets must be based on believable and convincing ideas to attract potential customers. Ironically, creating and dominating a market can leave a company with no competitors to validate its work or make it seem more real. However, many users, great investors or influential customers can overcome the need for competitors, so Meyer writes that it is not necessary to invite them into a new market.
Whether a company is growing rapidly or dealing with belt-tightening and disruption, Meyer writes that it is still able to create and dominate new markets. Changes in demographics, growth, recession and dislocation can all increase a company's chances for success. Though it is still possible to create new markets during periods of recession, rapid growth and disruption, they all amplify the fundamental error of building a new market strategy on a product. If a company leads with problems instead of products in all economic climates, Meyer writes that there are plenty of opportunities to succeed.
Why Soundview Likes This Book
Meyer offers numerous examples to clarify his ideas, and fills his theories with energy and enthusiasm. His motivating tone and experienced lessons offer many ideas that can excite any company to turn customer needs into new products. His passion for his subject shows in every chapter, and his expertise fills Creating and Dominating New Markets with endless opportunities and exciting new inroads to success. Copyright (c) 2002 Soundview Executive Book Summaries