There are three sure-fire ways to have a successful product: being the first-to-market with an innovative product, being the best on the market, or being the only one to provide a product or service. As long as your company is providing something that consumers want or need, these three tactics are likely to lead to success. And identifying a need or solving a problem for consumers is the key to developing a successful product.
When their research didn’t lead to any viable solutions, they decided to solve the problem themselves which led to the creation of theEarly Entry Into A New Industry Or Category Is Advantageous We’ve seen this theory proven time and time again. Just take Walkmans as an example. When they were first introduced four decades ago,in the first two months of its release, giving a high advantage to Sony who was first-to-market with their product. It would be tough for the next company to release a similar product to see such success, as Sony had already penetrated the market so widely.