I was recently removed from a community group on a social platform here in Halifax. Surprisingly, I was not even aware until one day I tried accessing the group. I had to reach out to the group admin to get my access back.
On the same note, Google has mastered the search engine niche and they are a monopoly literally controlling the way how businesses should present themselves in the digital space (with a massive market share of 92%).
If any company wants to succeed in the digital space - they need to ensure they are placed well on Google. This unique proposition puts Google in a very commanding position and a small change in its search algorithm causes drastic changes to the market positioning of a business.
While Google is a monopoly in the Search Engine space - the company is not immune to failures even though they have the best of every resource out there including great human talent resource powering their business.
As per stats, Google failed in more than 167+ product ideas. The failures of Google actually showcase that there is room for everyone to dream big, to continue innovating and believing in their ideas.
On that note, I believe every business no matter the size - should try to find its very specific niche - and build a product or service that solves a customer problem or challenge beautifully well - much better than anyone else.
During that process, it is very important that they stick to a small segment of the market rather than focusing on the broad mainstream market. If they are able to offer the right value to the small segment very well then very soon their products or services will find acceptance in the broader mainstream market as well.
I am a product management professional based in Halifax, Canada and I write about technology, innovation, entrepreneurship and business strategy. You can learn more about me at the following link: https://medium.com/@talluri
