Diversity in Types of Businesses
By Laura Lee - December 3, 2022

There are a diverse variety of businesses in the world these days. Ranging from the ones that sell the things we’ve all already seen, to the ones that innovate and come up with increasingly interesting ideas. They all have their own respective spaces in the business space, but some are more valuable than others, whether you look at their profit margins or their impact on their targeted audience.

Getty Images / Moment / Nitat Termmee

Often, we see new businesses pop up that don’t seem to really offer anything new. They’re just like other products in their market, except with a different packaging and name. Businesses like these are quickly forgotten, since they don’t usually stick around for long. They’re entering a market where other businesses are also identifiable only because they’ve stuck around for a long time, and because their product offered something relatively new when they launched it.

Another trend we see is businesses that are going beyond this issue by observing products on the current market, and making slight changes to them where needed. The issue here is usually that the product seems to clearly be something that was inspired by another one already on the market. This means it loses its own unique image because to the audience, it’s always reminding them of the product that existed on the market for years prior to this new product.

On the other hand, some businesses consist of people who create a product simply because it’s needed and will create impact, which usually leads to a product that hasn’t ever been seen on the market. The issue here is that there isn’t already-existing data to refer to when observing the type of audience you’re targeting your products to. This means that the brand, regardless of their attempts to predict the impact of their product, are stepping into completely unexplored territory, and could receive a wildly negative response.