Your biggest competitor may not be who you think it is

Edited excerpt from Mint Sales and Marketing: How Mint Beat Wesabe by Noah Cagan:

We spent countless weeks figuring out what people really wanted before we launched our beta. Guess who we found out Mint’s biggest competitor was? No one. Apathy. This shocked me! Most people would rather not track anything and just see how they are doing when they go to the ATM. Guess who was #2? Ms Money, Intuit, Wesabe? NOPE. Microsoft Excel. Who would have believed that!

Learning about all this provided us with the messaging, approach and branding to appeal to the right audience. Internally and externally we were similar to Firefox in saying “take back your money.”

Notes:
(1) I bet this is true for most disruptive startups — the real challenge is creating a compelling user experience, rather than being incrementally better than an existing competitor.
(2) This is why “worry more about your customers than your competitors” is good advice.

2 thoughts on “Your biggest competitor may not be who you think it is

  1. Pingback: Why startups should focus on a Job To Be Done rather than “market need” | A Founder's Notebook

  2. Pingback: A brief summary of Job To Be Done, with 3 takeaways for product managers | A Founder's Notebook

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s