Creating and Dominating New Markets

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From the Author
You know how hard it is to find new markets that you can grow and dominate? This book, with real life examples from AOL, FedEx, HP, and others, is about how to do that in a systematic way.

At client requests, we studied new market success (and failure) cases among our clients and friends. This included established names such as Cisco, IBM, LEGO, AT&T, GlaxoSmithKline, Siemens, and Apple, as well as newcomers like VaxGen, Palm, Juniper, and Gauss. We pulled the common denominators for success, and looked to see if they are repeatable.

Some of the key lessons:

1 – Don't assume that a new product will build a new market. New markets come from solving problems that really perplex customers, not problems that we *wish* would perplex them.

2 – The first company to try something does always not create a market. The first to solve the problem as the *customer* sees it usually wins.

3 – Involve your customers in self tailoring your product. AOL succeeded where others failed, at least partially because they make the customer a part of the product. Customers can tailor their experience, and AOL can watch and learn from that. Don't just provide the product, let your customers adapt it.

Details are in the book, along with examples and suggestions.I think that you'll find the book to be both readable and entertaining. And I suspect that you'll really enjoy it. Let me know.

-- Peter Meyer

Peter Meyer, principal of a California (where else) consulting firm that specializes in the subject of this book, suggests a different approach. Instead of competing with everyone else, create a new market. Makes sense. As Meyer points out, it's exciting, fun, and profitable. New markets are forgiving and, without rivals you don't have to worry about competitive pricing. Can it be this easy? Meyer lays it out in Chapter One: The Mystique and Challenges of New Markets. Prepare to have your mind opened, your thoughts stimulated, your imagination titillated.

The first part of this highly readable book (type size and leading enables this book to be easily read on trains and airplanes) addresses strategies. The second part with application of the strategies. Good model for this highly practical book.

The other chapters of the first section deliver ideas, perspective, and examples of how the strategies have been used. Balancing Your Resources and Opportunities. It's the Problem That Matters. Choosing the Best Risk. What New Markets are Available to You? Are you beginning to get a sense of the depth of content of this book?

The book is written in relatively short sections, so the reader never seems overburdened by the volume of text. I kept slowing down...because I was thinking about what Meyer said. Then I found myself taking notes, like I was starting to write a business plan. See what I mean? I predict that you'll read this book at least twice: once for a quick overview, then at least one more time (with Peter Meyer at your elbow) thinking, talking to yourself (and others), and constructing ideas that may drive your future.

Charts sprinkled throughout the book will guide in your understanding of the message. So will the questions tossed out by the author. There are many paths to take in creating, exploring, exploiting, and dominating new markets. Each alternative approach has its advantages and disadvantages. Your strength will come from understanding what's involved in your journey, and that power will come from this book.

Section Two concentrates on the application of the strategies. Funding the New Market Effort. What Role Does the Customer Play? Building and Dominating Markets Through Involvement. What is the Role of Information Technology. Using Credibility in Creating and Dominating Markets. What's Next? And the book closes with a good index to help you find what you want on your second and third readings.

This is the new frontier. You can be on the leading edge. It's a different world, as Meyer warns. If you think you're up for it-and the book will help you determine that readiness, this book will be your guide.

Now my review is done. I'm going back for my second helping!