Big competition, it can kill your business

Published in El Pais, 12 September 2018.

Whenever a new innovative product is introduced into the market it is often met with praise and with consumers lining up to buy the new product. However, technology is always rapidly changing, often new products could be considered obsolete shortly after hitting the market and if companies are not careful they can soon be long forgotten.

Probably the biggest example of this is the Blackberry. Largely considered the first smartphone and ahead of its time with the ability to check your email anywhere with an internet connection. The device took the world by storm and made its inventors instant billionaires. This of course was some time ago as it is now a rare site to see someone still using the device. The lack of ability to continue their innovation and make minor improvements to their existing phones saw them from the largest smartphone maker in the world to a mere afterthought as makers like Apple and Samsung corner the market.

It appears Apple is once again toppling another company after perfecting a device that other companies had made popular, the wearable technology or in Apple’s case, the Apple Watch. When Apple introduced the watch, it was a big deal as it allowed you to read texts and emails while monitoring other things like the number of calories burned. It is that last feature that another device was most famous for, the Fitbit. Ever since introducing the Apple Watch Apple has overtaken the wearable market with companies like Fitbit lagging far behind which is surprisingly given how they are seen as the company that made wearable technology popular in the first place. Of course, along with their basic wearables they too offer a smart watch with many features comparable to the Apple Watch but at a similar price point there is just no way they compete.

Of course, brand power often helps as unknown companies will always have trouble making a name for themselves if they are not first to market, and if they are take note, never be satisfied with your product as it will not be long before someone else makes it better if you are.

About Matthew Glezos 123 Articles
Matthew is Canadian and has a Master in Business Administration. He has international experience in marketing and strategy. He has a strong interest in technology and combines it with the business side.

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