Establishing a standard is a sure-fire way to appeal to the masses. With the majority of the market being composed of late adopters – having your technology set as the standard eliminates their fear of new technology.
Remember that to appeal to this group you need to deliver something that’s easy to use. Here are some tips to get you on your way to becoming the next technological powerhouse.
1. Open architecture
Nowadays with reverse engineering your competitors can tear up your gear and outwit the patents you’ve filed. Patents can delay them but it doesn’t stop them copying you.
In order to outmaneuver them, make your technology available to users, developers and complementors. They will grow your total market, as they are able to upgrade, add and develop features for your technology. The iPad wouldn’t have been such as a success if it weren’t for the all the applications available.
The value in technological solutions is their compatibility with other complementary platforms.
Linux distributions face an obstacle here in attracting more users, as they don’t integrate fully with external peripherals such as printers and webcams. Whereas on Macs, you can just plug in a printer via USB and it works seamlessly.
3. Minimize production cost
Not too long ago the iPad was the cheapest tablet device on the market and will continue to dominate the market for years to come.
What we can learn from Apple is that increasing returns are achieved by lowering marginal costs. And leadership positions are accomplished with cost controls and higher profit margins.
4. Go global
Successful companies don’t just sit around in their backyard; they go out and conquer the world!
If you’re setting out to establish a standard then the more users you have the better. Nokia once a leading phone manufacturer initially emphasized making mobile phones that were easy and simple to use to achieve that position.
5. Supportive network
You can’t do it all alone if you want to succeed!
Collaboration can ensure your technology is a blockbuster. Networks bring you credibility and more resources to pull things off. And with other companies in your network, you’re all motivated to see your venture triumph in the market place.
In an industry where increasing returns are essential and standards being a formula for success. Delivering solutions fitting the needs of the intended users are the blueprints for a thriving business.