Friday, November 13, 2009

Taking on Established Competition

The chances that you can top a trusted provider on the very thing the provider is trusted for are slim indeed.
Instead, you gain converts by winning at something the existing provider didn't think was so important.

These are the last two sentences of Seth Godin's words of wisdom for Nov 12. To me, these words are very scary because we are building our start-up on the Minimal Viable Product (MVP) principles, which means that at launch our product will have far less functionality than the competitors. Building client-base with a less-capable product is much tougher on its own let alone in a market where some of the competitors have been for over five years. We will need to prove not only that our product is good but also why it is better than others since we are new guys with no street cred.

However, there is some encouragement in those words. If we correctly identified the weak points and our response is well-constructed, then we will cut out our share in the market. I really want to think so because we did notice some glaring issues across all of our competitors. Though only time will tell.

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