Is competitor monitoring worth it?
Hi there ! In your experience/opinion, is it worth monitoring your competitors in the context of a start-up ? i.e. Is it worth tracking their roadmap or new product features, capterra reviews, domain traffic , backlinks etc. Thanks !
2 comments
Nope. A startup with growth potential is serving less than 5% of the total addressable market for their product – often more like 0.1%. Its challenge is reaching product-market fit and then cost-effective distribution/awareness.
When prospective customers provide competitive feedback, consider it. Beyond that, don't sweat competition.
(If you get over, say, 5%, that changes: it needs to either grow the TAM or take market share from other vendors. That's not what most people would call a startup, though.)
When prospective customers provide competitive feedback, consider it. Beyond that, don't sweat competition.
(If you get over, say, 5%, that changes: it needs to either grow the TAM or take market share from other vendors. That's not what most people would call a startup, though.)
Thanks for the reply ! You are indeed making some good points