Can you compete in a saturated market?

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A quick google image search will often bring up an extensive array of products that all do a similar job.

By Rory Southworth, senior product designer, UCLan.

However, this should not put you off developing a new product in that area, as it actually gives you more opportunities to understand the potential market.

Even if you believe that there is nothing out there like your product, ask the question of why is that the case? Is there a reason why no one has previously brought out something similar?

Using tools that we all have access to you can analyse the market, collating information from similar products and competitor companies, allowing you to build a picture of the market and help you to position your proposition as an alternative solution.

Whilst social media is a great way of promoting your brand and products, it is also a great medium for understanding the demand for your product, allowing you to understand interest in sectors, around competitor brands and what people like and dislike.

The Innovation Clinic can support you through the new product development process with accessible methods that you can use to help develop your product specification, understand your target users, position your product and better understand the demand for the product. So if you are an SME in Lancashire and want help bringing a new product to market or want help understanding your market to improve your chances of success give Iain Martin a call on 01772 892253 or email at [email protected].