…But hey, I can’t imagine why there aren’t other fast-growing competitors in your lucrative space ;)
In a great market, there are multiple huge companies built in your space, who are also still continuing to grow. Probably there are also a few companies with really bad/legacy UX that are still making tons of money!
In a hard market, you can find either very few companies of significant size (customers, funding raised, etc), or even the larger companies are seeing slow growth / struggling for adoption. Typically you’d also see lower “search volumes” for products that are slow growing — that’s an obvious way to assess the rate of growth.
I really enjoyed this post, thanks!
But this part got me thinking. This means it’s a great market, but it may be tough to play in.
How you enter and present yourself in the market is another critical piece.
If there are entrenched huge companies, you are either going to have to stand out (expensive to keep up with), or carve off segments that are under- or over-served. People are aware of the problem, but current solutions aren’t meeting their specific needs.
Thanks for this!