Hi guys,
I've been in the process of developing a prototype of a small electronic product that would solve a problem for niche market. When I started researching about the problem, there was no solution to be found until recently. While doing further research online, I stumbled upon a product that works exactly the way I was intending mine to work to be released within the next few months. Seems like this product has about a year of head start after digging into the history of it. It was really hard to find as they haven't really pushed any marketing or have any following at all. The idea is already validated though, at least from my end. I did go door to door surveying my target audience and people asked me to comeback to them once I have it ready to sell. Competition was to be expected for sure, but seems like both product ideas have identical features. The only difference is the business model and price point. The other company wants to sell the device and run a subscription monthly plan type of service. I find their price too high and the subscription to be a ripoff. I wanted to offer a one time sale deal with the same features. They can easily pivot out of that overreaching price and subscription model fairly easily though. I want to go for it but I would like some advice on this. Any input would be greatly appreciated! thank you!
I've been in the process of developing a prototype of a small electronic product that would solve a problem for niche market. When I started researching about the problem, there was no solution to be found until recently. While doing further research online, I stumbled upon a product that works exactly the way I was intending mine to work to be released within the next few months. Seems like this product has about a year of head start after digging into the history of it. It was really hard to find as they haven't really pushed any marketing or have any following at all. The idea is already validated though, at least from my end. I did go door to door surveying my target audience and people asked me to comeback to them once I have it ready to sell. Competition was to be expected for sure, but seems like both product ideas have identical features. The only difference is the business model and price point. The other company wants to sell the device and run a subscription monthly plan type of service. I find their price too high and the subscription to be a ripoff. I wanted to offer a one time sale deal with the same features. They can easily pivot out of that overreaching price and subscription model fairly easily though. I want to go for it but I would like some advice on this. Any input would be greatly appreciated! thank you!
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