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Creating and Dominating New Markets is a work for business owners
and managers, those who want to find ways to break out of a stifled business
and into a new one. Why? Because competition feels like it is getting harder,
business is getting more complex, and profitability is getting scarcer. New
markets, where there is little competition and great demand, are a way to leave
the restrictions behind. But they are very difficult to build and rule without
guidance.
The
work discusses the fundamental requirements to open and play in new markets,
and explores those new ideas with concrete, repeatable, examples. In the first
of two sections the book explains why opening new markets is different from
expanding existing markets, why new ones can be so attractive, and why they are
hard to create and dominate. This is like looking at the business through a new
lens, seeing different opportunities. Using cases and examples, the second
section shows applications at work, discussing how companies can and have
created and dominated on and off line markets. The final chapter warns the
reader of likely risks and how to avoid them. A follow on to Warp-Speed Growth,
this book will help managers and owners to understand and move their businesses
into new electronic and traditional markets.
You
might want to start with a question: Who is this for, and what keeps them up at
night?
The
audience is managers and owners of businesses, and those who aspire to those
roles. In original research we asked CEOs and COOs in the US and Asia to tell
us the top issues that keep them up at night. Creating and dominating new
markets was one of the two that consistently appeared.
Why do
new markets get that attention? From the perspective of the owner or manager,
existing markets are easier to get into than new ones -- other companies have
done all the pioneering work. Success in a competitive market means that you
have to be very good at strategy and at operational skills. However, that does
not mean that your strategy and skill will be good enough to compete, much less
to build a sustainable success. How much better do you have to be to beat GE or
Amazon.com in a market where they dominate? A lot better.
Perhaps
the strongest lure to new markets is the lack of competition. In new markets
you can set your own ground rules. Where there is no competition, operational
excellence is less important than attracting customers. Being the only supplier
allows you to make mistakes and still sustain great margins. That is easiest
when you create and then dominate a new market.
Perhaps
the greatest repulsion is that creating and dominating new markets is risky and
hard. Many top executives want to do it to get away from highly competitive
markets, but building and commanding them puts great stress on your business'
resources. Worse, many skills that do so well in competitive markets often do
not help managers and owners in new markets.
Success
in new markets requires new skills and different applications of traditional
skills. These are skills that allow some people to consistently open new
markets while other executives cannot seem to do it. The good news is that
these are skills that are systematically repeatable. Once you master them, you
can make new markets much more predictable.
Creating and Dominating New Markets is
not a marketing book. It is a book on managing a business to new markets. This
book will look at some real examples from original research, and then supply
some applications that readers can use to put the knowledge to work.
There
is a second question that relates to the first: Who should buy it?
The
readers who will buy this book will certainly include senior executives who are
hoping to break out of existing business cycles. These are the people who are
staring at ceilings now, worrying about how to get to the next market.
The
buyers will also include managers who aspire to senior positions. This will be
a tool for managers who are building their position in their business.
This
book will be popular for entrepreneurs, especially people who want to enter the
E-commerce market. Whether a company, a venture capitalist, or credit cards
fund the entrepreneur, he or she is going to make a choice of whether to enter
an existing market or a new one. This book will guide that choice.
Few
books and articles help the manager or owner who wants to create and then
dominate a new market. This will be a key new work for that business person.
What will make this work for both of us is not that it is an interesting book,
but that Creating and Dominating New Markets is a book that answers a
question that keeps CEOs and others up at night. It has the content and idea to
sell very well. As long as there is national attention on new and emerging
markets, there will be managers who want to learn how to create and dominate
those markets.
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