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What will you do if you see a similar product been released before your release week?
This month I faced this situation. I've been in building an AI resource directory since Christmas. But more exploring found that there were similar products coming into the market before I do. And when I planned to release 2 weeks before, 3 products got released in between and two of them become a product of the day. Though everyone might have the same idea, what will you do in this situation? Plus should I release the product, however, or release it after building some additional features?
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Orkun Karagöz
I believe, it really depends on your product and how much it's differentiated from other players. If it's somewhat different than others, I think launching makes perfect sense. If there is no differentiation in the means of directory content, I believe trying to create a differentiation point can be a good effort.
The differentiation can come in various ways: making it cheaper, changing the medium, making it a different kind of product with the same content can all be differentiation points.
As an example, let's say you have a Notion page with AI resource directory and there are lot's of competitors that offers the same thing. Maybe creating a weekly newsletter with AI resources that you already have and adding a niche AI market report in it can be a very different product from other directories, assuming you have the very same content with other players. If your content is somewhat different, you have the differentiation already.
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@orkun_karagoz Yes! That's what I thought. I thought to start it out as a simple product, then build on top of that with the feedback coming in..but it seems now I have to get the feedback first. Thanks a lot, Orkun.
consider it as validation
If they too released something similar and they are getting attention it means there is need for your product.
The market size is so huge there is place for everyone to do well. This will also help you understand different marketing strategies.
Not having competition is infact considered bad because it implies there isn't need for the product.
Whatever you build there is a existing similar product in the market. If you get stuck on this, you will never be able to build anything.
@girlintheframe Very Biggg Yes. Working on that last part - not getting stuck on this one. Thanks a lot Nikita
This is really heart breaking.
But like @girlintheframe rightly pointed out, a plethora of products may indicate a huge market!
Wildly adding features may not help. Take an moment to clearly think through it.
Can you take a different positioning? Or address a different market segment or need? Can you open up a new market? Or offer a different price point?
All the best
@girlintheframe @kkumarkg Totally agree with you, yeah my positioning is different from others. So hope I don't have to worry anymore. Thanks a lot :)