Every new competitor scares me.
My insecurities take over ๐ฌ
"Are we REALLY doing enough at @HeartbeatChat?"
As a founder, I'm working to process competition in a healthier way (& you can, too)! Here's how...
THREAD โโ
My insecurities take over ๐ฌ
"Are we REALLY doing enough at @HeartbeatChat?"
As a founder, I'm working to process competition in a healthier way (& you can, too)! Here's how...
THREAD โโ
1/ Realize that every startup is rife with problems ๐ซ
Competitors leave these problems out of Techcrunch articles, but they're still there.
You've likely solved some of these without knowing ๐
"Every one of you is sh*tty in your own special way"
- @supalyt to YC startups
Competitors leave these problems out of Techcrunch articles, but they're still there.
You've likely solved some of these without knowing ๐
"Every one of you is sh*tty in your own special way"
- @supalyt to YC startups
2/ Even celebrity founders fail
Look at Atrium (founded by @justinkan, prev built @Twitch)
Raised $75M โ> dead in 3 yrs
At my last co, I was terrified of Triplebyte & Hired. Today, both are struggling. No shade โ startups are hard.
Next: using competition constructively...
Look at Atrium (founded by @justinkan, prev built @Twitch)
Raised $75M โ> dead in 3 yrs
At my last co, I was terrified of Triplebyte & Hired. Today, both are struggling. No shade โ startups are hard.
Next: using competition constructively...
3/ Competitors โก๏ธ free research
Every week at @HeartbeatChat, we audit a competitor's product as a team and learn from their...
๐ง๐พโ๐ Landing page
๐ Onboarding
๐ Product experience
๐ฆ Magic moments
๐ Areas for improvement
(Great team-building activity, too!)
Every week at @HeartbeatChat, we audit a competitor's product as a team and learn from their...
๐ง๐พโ๐ Landing page
๐ Onboarding
๐ Product experience
๐ฆ Magic moments
๐ Areas for improvement
(Great team-building activity, too!)
4/ Competitors validate & EXPAND your market ๐
Competitors often unlock new markets (check their customers)
Most of our competitors are better marketers than us, but lose on product. It's tough to be great at more than 1 thing.
This gives us a chance to swoop in.
Competitors often unlock new markets (check their customers)
Most of our competitors are better marketers than us, but lose on product. It's tough to be great at more than 1 thing.
This gives us a chance to swoop in.
5/ Sales are cool; retention matters more ๐ฎ
Listen closely to customers & move fast on requests.
Customers will believe in YOU even more than your product ๐คฉ
They won't leave overnight for a shiny new tool. Just make improvements relatively fast (within 3-6 mos).
Listen closely to customers & move fast on requests.
Customers will believe in YOU even more than your product ๐คฉ
They won't leave overnight for a shiny new tool. Just make improvements relatively fast (within 3-6 mos).
6/ Great retention builds monopolies & gives room to experiment ๐งช
Once your product is sticky, you're not worried about losing customers (even if it's just a few).
This is freedom.
You have the freedom to test new markets, features, and expand ๐
Once your product is sticky, you're not worried about losing customers (even if it's just a few).
This is freedom.
You have the freedom to test new markets, features, and expand ๐
That's all for today ๐
Drop a follow (@murtazabambot) to join us as we build @HeartbeatChat in public.
I promise to keep posting my learnings as we go ๐
Drop a follow (@murtazabambot) to join us as we build @HeartbeatChat in public.
I promise to keep posting my learnings as we go ๐
TL;DR
1/ All startups have problems
2/ Even celebrity founders
3/ Think of competition as free research
4/ Let competitors expand your market
5/ Sell & focus on retention
6/ Great retention builds monopolies
1/ All startups have problems
2/ Even celebrity founders
3/ Think of competition as free research
4/ Let competitors expand your market
5/ Sell & focus on retention
6/ Great retention builds monopolies
โข โข โข
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