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What's your advice on doing this for products in rapidly changing markets? Example: Say you are an AI graduate who has worked in AI for a while before ChatGPT.
by james-revisoai 3y ago
What's your advice on doing this for products in rapidly changing markets?
Example:
Say you are an AI graduate who has worked in AI for a while before ChatGPT.
Suddenly a competitor spins up something you were also developing - faster with ChatGPT - no problem, you launch it too.
One month later, 20 more competitors have popped up, but none really gained too much share. It seems ok.
Two months later, a competitor with funding launches, but now the product is free.
You start losing users to FreeComp, who also buy conference attention.
Your users say well, if you add this advanced feature - then we'll pay - but not now we can go to FreeComp.
Can you trust that? For how long? How would you weight it?
- cik 3y agoThis is why I dislike when people gloss lovingly on product market fit. PMF is only part of the problem, an interesting indicator, and possible decision making support construct. But that's it. Markets change, many evaporate or at least lead an accerated decay. Sometimes you double down on the decaying market, as the correct decision. Organizations have abandoned products, markets, or even invested in complete pivots as a result. There's single right answer.
- caseysoftware 3y agoYour competitors almost never matter. Most products fail because they a) never ship or b) don't solve an important problem. If you're paying attention to your competitors, you're probably not paying enough attention to your customers. If your customers are really just turned on by the latest shiny object, they're not customers, they're fad followers. Don't bother with them.
- moneywoes 3y agoI think you need to have a better distribution strategy than your competitors