Has your main product or service been around for a while? Is it starting to struggle against the younger more agile competition? Is the market changing?
Most businesses facing this situation look to develop products/ services on the fringes for small niche groups of people (line extension after line extension).
They also make small incremental changes to their main offering; new packaging/ look, new flavours/ types, new sizes.
They pour resources into marketing communications to convince buyers that they are still relevant.
There is an opportunity cost. This activity soaks up your time and your effort, while people in their garages are coming up with products and services that could/ may/ will change everything. They want to take your customers and put you out of business. So do the same. The advantage you have is scale and existing routes to market...which they don't have.
So put your focus into creating a new more unique and compelling product/ service/ brand that will cannibalise your main offering and 'put yourself out of business'. If you don't, someone else will.