The Synopsis

Article. The Invisible Competitor: When Creating Value is Better than Fighting for It

12 snips
Feb 8, 2025
Explore why creating value trumps fierce competition in business. Learn how companies like Costco and Etsy prioritize understanding consumer preferences to unlock success. Discover the differences between Minimum Viable Products and Minimum Perfect Products, and how these concepts shape crucial business decisions. Delve into the evolution of design-driven brands like Apple and the complex market landscape faced by giants like Amazon. This insightful discussion highlights the importance of innovation and self-improvement in today's marketplace.
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ADVICE

Compete With Yourself

  • Compete with yourself, not others, to achieve true innovation.
  • Focus on self-improvement and creating value rather than copying competitors.
INSIGHT

Types of Competition

  • Companies often fail by not discerning whether they compete on similar services, iterate on existing preferences, or offer something entirely new.
  • Understanding these distinctions is crucial for effective competition and innovation.
ANECDOTE

Apple's Disruption

  • Apple disrupted the PC market by focusing on design and integration, while PC makers focused on price and specs.
  • This demonstrates how focusing on different consumer preferences can lead to market disruption.
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