Remember VHS? For those of you who don’t, it recorded TV shows before DVDs and DVRs came along. Did you know that it had a competitor known as Betamax? Many considered Beta’s technology superior to VHS’s. Yet Beta flopped and VHS soared until DVDs caught on. Beta failed because customers wanted an affordable option. VHS cost several hundred dollars less than Betamax.
It takes more than a great product or service to win over the market. Marketing plays a role. Customer needs play a role. A well-written business plan plays a role.