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Continue or abandon the project?

Discussion in 'General Entrepreneur Discussion' started by Ludo, Sep 10, 2018.

  1. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Goodevening all,

    So I've gotten quite a setback. Just when I wanted to give the green light for the development of my SaaS idea, I suddenly found out about a company that already developed a solution which should solve exactly the same problem. Also with let's say 60% the additional features that I thought of.

    I've already mailed some trustworthy testers who are experts in the field to hear their opinion on the competitor's service. Furthermore I will be interviewing them if there are features of value that would be improving the service.

    There are some small differences in which my concept is better, but I am currently having doubts about abandoning it or get it over with and move it. However, my seemingly USP is part of the core of the competitor's service. So right now I am really disappointed in the situation and frustrated in how I missed this.

    The competitor has set up the service in a way that it isn't fully fastlane, because of the long buying process instead of buying and setting it up in 5 minutes. And apparently their marketing isn't on point, because my testgroup with people from different backgrounds had never heard of it.

    What would you recommend me to do? Abandon, start from scratch on a new idea? Or try to make some changes and adapt?
     
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  2. BrooklynHustle
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    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Sounds like you have your answer. Why stop now? Your competitor does not have market saturation, their marketing sucks, and you haven't even tried yet.

    Can you improve on their weaknesses? Would it matter to enough customers?
     
  3. YoungPadawan
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    YoungPadawan Miles to go before I sleep Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Can you do it better than the competitor? Can you provide a better overall product/service to your customers? Focus on each, individual element of your competitor's business and figure out how you can "one-up" them in each of those elements.
     
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  4. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    How large is the market? Millions? Billions? Trillions?
     
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  5. SebPP
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    SebPP Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Having competition is generaly a good thing. It may be a proof that you have a market for your product. No competition sometime means no market.
     
  6. Stargazer
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    Stargazer Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    If you look at the above responses you will hopefully ascertain why your post is puzzling.

    Your competitor has 60% of additional features that you thought of. Well unless your features are irrelevant surely there is a user experience difference off the bat.

    Your buying and implementation process is much quicker from the sounds of it too.

    Your marketing should be better.

    Which leaves MJ's question. Market size.

    If it is an App for Scottish Highlanders to locate their lost Kangaroos then sure, abandon ship but hopefully it is a bit more realistic eh?

    As the French game of Petanque has been in the news this week (French Petanque players throw their boules at a knife attacker) a little analogy. The aim is to get your metal ball (boule) near the Jack (smaller ball)

    So the Jack is your target market. You go first and get close. Guess what? Next player will try to knock you away away from it. And you will respond.

    Watch it on Youtube. It is your job. To always be knocking the competition aside by being more accurate/better/relevant.

    Dan
     
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  7. Xeon
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    Xeon All Cars Kneel Before Pagani. Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    There's one thing I learned from reading the Eric cheesecake thread.

    If you've a product which you feel is better than your competitors', and yet you're not offering it to your target market (due to your own self-doubts), and you continue letting your target market use a more inferior product (your competitors'), that is a crime. Don't be selfish and mean!
     
  8. Stargazer
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    Stargazer Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Interesting. Have written that out.

    Thanks Xeon.

    Dan
     
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  9. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    True, they haven't got real saturation and they are not settled. Means that that there might still a lot to win and that it is worth it to continue.
    That's a great idea. I will build a table in which I will try to expose their choices and weaknesses and my answer to that with my service. Do you know if there is a certain defined methodology for it?

    Good point! I didn't look at it that way and should take it as a positive thing that there is some demand.
    Yes exactly. I am kind of "scared" that since my USP has already been done, for the competitor to copy my additional features would be a matter of time to do by their team.

    For them to add for example a faster buying and setting up process could theoretically in most situations be done in a day. It is like you mention like a cat-and-mouse game.

    Maybe I am too focused on delivering a perfect thousand miles ahead service at the start, instead of gradually responding by improving and be some miles ahead of the competitor.

    Haha that's a very motivating perspective. I guess I lack a kind of self confidence in the field and want to do it perfect and have certainties on my investment on the project. Nevertheless, nothing is certain in life and if I believe I have in some way a better service then I should get it out :)
     
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  10. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Without revealing the idea too much. It is usable for all medium to large businesses in all sectors and countries who all have to deal with a specific kind of critical complex processes which are essential for maintaining the organization.

    The service by being formed in a SaaS version makes the processes much easier to manage and improve, which improves the end result and supports the business in the highly important process. I would also planning to offer localized versions, which competitors do not have. Aside from that I focus on usability and decreasing unnecessary complexity, to also help in making the service as accessible as possible.
     
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  11. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    “I have a competitor that’s offering less features, a more aggravating buying process and has worse marketing... should i throw in the towel??”

    That’s a bad app idea???????? :duh: -calls developers- CANCEL CANCEL CANCEL
     
    Last edited: Sep 11, 2018
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  12. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Well that really clears things up lol... you basically said ‘without giving away too much.. i do stuff for people”.. so no, i don’t think anyone is going to guess what your idea was lol

    listen, all jokes aside it sounds like you’re doing things better than your competitor. as long as you’re a half inch ahead of them you’re gonna have business unless it’s a tiny or saturated market.. even if you’re not ahead of them, people like choices. think Android vs iPhone, Mac vs PC. different people like different ones

    i mean it’s hard to tell what you should do, but i think you’re okay. it really depends on how much it’s gonna cost you to go ahead with the project, what the possible gains are, hoe big your possibility of losing is.. it really depends on a lot of factors
     
    Last edited: Sep 11, 2018
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  13. YoungPadawan
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    YoungPadawan Miles to go before I sleep Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I've been working on developing a value attribute master chart to create a product/service monopoly. Here's a small, random portion of it.



    Possible Product/Service Benefits

    (Look at the product or service and determine if any of the following adjectives could be applied to make it even better.)

    • Big/Many
    • Choice/Control
    • Comfortable
    • Minimal Risk
    • Guarantees two.png three.png

    Doing joint ventures in order to:

    Get other people, other companies, other Publications, and other organizations to endorse my product

    Follow up with customers to make sure that they like the experience. Make them feel special
    Have free shipping
    Offer volume discounts
    Sourcing your products (or elements of your products) cheaper
    Add a warranty
    Have packaging tape with my brand on it.
    Linear programming for finding optimal route or recipie
    Tell a good company story
    Have referral bonuses
    Have an affiliate program
    Get a ton of testimonials





    Also, check out the book Ca$hvertising. It will help you put out an excellent sales pitch and give you good ideas on how to position your product/service.
     

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  14. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I think MJ covered it nicely in Unscripted when he spoke about value skewing
     
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  15. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Getting a lot of insight, thanks a lot. I used to think "Unexperienced people have to be the first with the idea, or will be in versus a tough ride versus a mature service or product". Google also had many matured competitors, but still came out as the winner. Of course also covered in the books of MJ, it's never wasted time me to read them again.

    The project will probably cost me around 4000 euros, which is almost 5000 dollars. The developer business is fully owned by a good friend of my who said he won't stress me with payments and will give me years to pay him back.

    I can understand that the explanation is not very clear, but I've mostly tried to explain that the service fits in mostly are organizations that are at least medium-sized and larger. So the B2B market is really big and my competitors do exist but are limited, not well-known and could make improvements both to the service itself and their marketing/selling sides.

    Marketing and optimal pricing (payment model) will most likely be critical for succes.
     
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  16. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Okay so they say 66% of businesses fail[1] (90% is a myth,) so mathematically you have a 1/3rd shot of making it, all things being equal. Do you think this business can make you at least 12,001 from the 4,000 you may lose? If so, then mathematically, it’s a good bet. Gotta play your odds ;D
     
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  17. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Great info thanks! Will be really helpful and I will definitely be using it for finding out topics to improve on.

    I had already thought of making settled people in the field do a testimonial on the site. So that I would have from the start of trust, credibility and social proof for the service.

    What is your opinion on a reseller system? So that they can do the marketing of your service to their customer base who use the services of the reseller, and in return they get a percentage of the sales they make? Do you think this is a good way to market , or could result in complexity at unnecessary complexity at the start?
     
  18. Ludo
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    Ludo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    That a positive way to look at it. If I could sell it for a monthly price of 1000 euros to one customer, then maybe it is not so risky at all.
     
  19. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    you sound like genuinely nice guy who cares about your customers... that’s 90% of the battle... you’ll be fine
     

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