Do you get overwhelmed by your competitors?
Hi guys,
I am building my first SaaS product, and honestly I feel overwhelmed by my competitors.
There is extreme competition in the video marketing space and since all of the competitors have been there longer than we do (obviously) they hold a larger market share.
We can beat them in features and performance, maybe pricing too. Haha, just focusing on what we plan to accomplish for now.
I really want to know how you guys managed this weird anxiety of competing? Please do share your story of triumph :D
Find a tiny sub-niche use case, or customer type that could be served better than by the existing solutions. That niche will be so small your competitors won’t care, or notice. But if you can build a 10x feature for them, that will help you get your foot in the door.
That is excellent advice! We have identified our niche, and I think I have a sense of what our customers would like initially, so we are building accordingly.
I like what you are saying about the first target being just getting the foot in the door. We can always use our smaller size with more agility.
You're up against the competition, but your strategy is not to beat them by being bigger, and having a wide product that targets a diverse range of use-cases - instead you are like a spear. Extremely targeted and outperforming with exactly what you do the best - sharp, agile, almost invisible - allowing you to penetrate behind enemy lines without them even knowing about it.
That's how I think about it :)
@stpe I wish I could upvote your comment 100 times!
The way you have put it, it is the most extraordinary way to boost someone to keep moving forward.
Thank you so much for this!
Apple had a lot of competition when they entered the smartphone market. And Tesla had a lot of competition when they entered the EV market. Why did they succeed?
Because they found something that all the giants were missing. They found the biggest flaw in the market and fixed it. Before the iPhone smartphones were ugly and hard to use. Before Tesla EVs had a range of at most 50 miles. And they could see the flaw because they came from the outside.
What is the biggest flaw in the video marketing space?
Thank you so much for this comment! A huge confidence booster :D
I have realized that the one potential flaw in video marketing tools is that they may not always effectively target the intended audience. This can lead to a lack of engagement with the video content and, ultimately, a failure to achieve the desired marketing goals.
Additionally, some video marketing tools may be too complex or time-consuming for businesses to use effectively, hindering their effectiveness.
We want to make it super easy to use, we cannot compete in resources, but we can deliver the most effective marketing tool. We can also use our smaller size to leverage the fact that we would be closer to our users and can accommodate changes and release features more targeted to their needs.
What do you think?
I think you start thinking in the right direction. 👍
Thank you! :D
I will reach out to you when we launch our beta. I would love to get your feedback!
May I ask why you decided to go on an already competitive market? What was the rationale? Did you find a gap in the market that hasn't been occupied by others?
My piece about focus might be helpful in your situation, I guess: https://www.indiehackers.com/post/extreme-focus-is-the-only-play-against-bigger-players-d0882e2001
But still, it doesn't help you answer the first question above. If it is a red ocean, why you prefer to attack it?
Hey @ozantoptas,
We researched the market, extensively researched all of the competitors and realised that there is a gap that we can fill in. In the research we also tried figuring out the competitors growth trajectory and the direction that they are taking now.
I do believe that the edge we have figured out will position us perfectly, but then again the overwhelming size of the competitor would intimidate all new startups in this domain.
Just went through your post, super enlightening and yes that is the plan to focus on what we can do and let the market accept us in.
Haha, like you said in your post "These limits provide opportunities for underdogs and challengers.", well if we don't someone else will! :D
This is what I was looking for. Great! 👍
Thank you :D
It happens to everyone, but you really need a very strong mindset and always be prepared for the worst!
You are right! Hoping for the best but mentally prepared for the worst :D
I saw your application, haha you've made a really massive collection of tools.
How long did it take you to make all of these tools?
around 6 months and still adding more every day. I am posting updates on twitter everyday.
Just followed you on Twitter :D