Better Product Wins. Full Stop
When Google Launched, there were 1000 Different Search Engines.
When Facebook launched, there were multiple Social Networking Sites
Both of them win, only and only Because their Product Was Better.
But there is a catch.
After listening above success stores of Product Focussed startup, you might can also get obsessed in building the best product, but there is an equal chance that you will fail because of the same approach
Because a better product doesn’t win the competition because it is better.
Beside Product, There are other three things that you need to look at your end and fix them:
- Your Competitors Might Have Much larger Distribution System
Your product can be better, but your competitor can have a much larger distribution system which provides it a much greater advantage. So in this case to beat your competitor, you need to work on building your own distribution system or figure out some other leverage and compensate for this lacking
- People are used to your Competitors, why they should even switch
Your competitor is in Industry is for quite some time and people are already used to it. So even if you have a better product, the people don’t feel the need to switch to your application as ultimately it also does the same job.
So here you need a way to show the users that the Efficiency of your system is way better than your competitor and you are worth for them to look after
- Even if your Product is better, your customer should first feel the same
Many times it can happen that your product is genuinely good but your customers are still not clear why it is better. Maybe because you fail to demonstrate how your Product Particular Use Case in Helpful for one Particular Customer Segment
So it’s not only important to build Product but also Educate your Users how it is much more beneficial then rest of the products in Market.