Chapter 1 · Practice 4 of 4
Look for money already being spent on the problem
Why it matters
Competitors are often good news. They show that people pay to solve the problem. What you need is a reason a specific group would choose you: a narrower fit, a missing feature, a simpler workflow, a price point the big tools ignore, or a region or language they serve poorly.
Ways to see existing spend:
- Tools and spreadsheets people already pay for or maintain.
- Freelancers or staff hired to do the work by hand.
- Complaints in reviews of existing products, which tell you what they do badly.
If nobody spends anything on the problem today, find out why before building. Sometimes it is an opening; more often it is a sign the pain is small.
Do
- Read negative reviews of existing tools for gaps
Avoid
- Assuming no competitors means a great opportunity