
Increase your competitive advantage and improve your efficiency
Increase your competitive advantage and improve your efficiency How can you be more efficient, so you can spend more time analysing, understanding and acting on
When I first launched my first SaaS product, looking at my competitors was a perfect way to set myself back into the Monday blues. It was just frustrating to see how easy it seemed for them to expand and get customers. I also began to copy some of the functionality they would have to establish my product as equal. My first eight years of building products were like that, and each would be a great idea (at least in my mind) but then would die in growth as I had to go head-to-head with the big players.
After those 7-8 years, things changed. Book after book from “The Lean Startup” to “Blue Ocean Strategy” and numerous podcasts would embed concepts of differentiation, uniqueness, adaptability, and agility. The challenge is that you finish with a lot of theory (and a lot of homework). The overarching from all this theory formed into one concept that completely changed the way I built software and service companies. The person who knows the customers want and needs the best -and answers it – gets the money.
The person who knows the customers wants and needs the best - and answers it - gets the money.
People are so desperate for a real solution, that you now find services like Mint that have 14,000 buyers appear in the pipeline while they were still building the first release. Other great software like Parlor (teamparlor.com), ProductBoard (productboard.com), Close.io (close.io), EnjoyHQ (enjoyhq.com) or Sunrise Calendar (now acquired) answer the needs of users very clearly. Since they understand it so well, they can operate in hyper-competitive markets with great success.
“Hey , that sounds like the most ‘Captain Obvious’ point ever.”
Correct! Once you understand the customer’s needs and complaints with what is out there, you can connect the dots to create a kickass product, and succeed as a business. However, I am all about tactical steps, and I can tell you that the easiest way to understand those unserved needs? Take a look at your competition, and look hard!
Once you understand the customer's needs and complaints with what is out there, you can connect the dots to create a kickass product, and succeed as a business.
There are a lot of competitors, and there are a lot of alternatives, there are a lot of products and businesses out there that we can learn from to understand the customer better. Here is how:
Don't let your competition drive you crazy. Don't let the competitors ruin your day and what you are trying to be. They are telling you how to be the market leader.
If you want to do the same in your organization, get Rival!
Share this article:
Increase your competitive advantage and improve your efficiency How can you be more efficient, so you can spend more time analysing, understanding and acting on
Supplemental resources for introduction to CI for product teams.