Like many other startups we are currently in the process of fundraising to help us grow the team and continue to develop a really great product.
Two of the most ‘difficult’ questions I get asked by investors are ‘who are your competitors’ and ‘what do you have that is unique in comparison to them’
Hand on heart, most times I flat out lie! (Or as we call it at home, ‘tell a wee fib’). Much to the dismay of our team (I won’t name names ), I spend ZERO time throughout the day looking at competitors. Yes I am aware of them, but I have no idea who is running them, what their go-to-market strategy is, who their customers are, what their marketing approach is,what services they offer and how much they are charging……I have no idea!
However, I do spend ALL of my time throughout the day trying to understand the wants, needs, concerns and issues of our customers and end users. We focus solely on gathering feedback and requirements such as the below; running surveys, conducting interviews, taking phone calls, analyzing relevant forums, and my own favorite; going to meet our end users in their new homes.
This is how we will build a best in class platform and how we will win out long term as a company.
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