Use tech to compete with monopolies

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 09, 2021, 4:51 AM GMT+0

Invest in technologies like blockchain and virtual reality (VR) to have the first-mover advantage and thrive among monopolies.

Businesses must be flexible to change and offer innovative products and services to compete in markets that may be dominated by a monopoly. Brands can compete in such a scenario by building infrastructure, moving quicker, developing new manufacturing processes, and using innovative marketing strategies.

In monopolistic industries, solving specific market challenges by finding innovative solutions will help businesses thrive. DuckDuckGo, for example, protects its users' privacy with a private, encrypted, and trackless solution, setting it apart from competitors facing privacy challenges.

To gain first-mover advantage, companies must use technologies to reach customers across geographies, provide them with new, innovative and appropriate solutions. Using VR tech can help brands offer prospects VR tours, try-outs and educate consumers and thrive in monopolistic industries.

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