Are you building novel product OR tool which is close to your competitors but more effective?

Swapratim Roy
3 replies
Hello Makers, Do you prefer to build novel products to explore blue ocean strategy? Of course, when we talk about startups, this is a common notion that comes to our mind - a startup product should be novel, first in the market to gain competitive advantage and potentially create a new market of its own. However, such blue ocean product journey is often not very easy. Since the market has not seen such product before, unless coming from conglomerates (like Apple), often does not make huge impact (it can take years). So even the novelty factor is credible, scaling is often a challenge. On the other hand, building a solution in a proven market makes it easier to sell. Customer has already an idea of what that product can solve due to similar experience. Building a better featureed or priced model is a key to make a difference. It's easier to market such products (like - "A" it's the new Canva or similar). This helps makers to get a foothold in the similar market to their competitors and gain a traction. Which way do you choose and what was your thought process in the beginning? P.S. - We are building Marvin XR - the 8th Wall of Europe - focused to elevate ecommerce shopping experience forever. https://www.marvinxr.com/products

Replies

Isabella Reed
I'm currently developing an innovative web analytics tool that, while similar to some on the market, uses advanced AI algorithms to provide more precise, actionable insights, and a user-friendly interface that's making data analytics accessible and effective for everyone!
Swapratim Roy
@isabelred13 Sounds great. Do you open up more deep analytics with AI algorithms? How about GDPR and related laws you manage while go deep into the analytics? But there is a proven market with increasing demand. So all the very best.