20Product: Sequoia's Product-Market Fit Framework | Why the Best Product People Actually Build Less Product | Metrics 101, Good vs Great Product Strategy and more with Vickie Peng, Product Partner @ Sequoia Capital
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
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The Significance of Being Five Times Better
In a competitive market, being merely five percent better may not be enough to sway established players towards a different product. The real challenge lies in offering a product that is not just marginally but substantially better, around five times better. This significant difference is necessary to disrupt customer habits, competition, and doubts. For instance, while Google spreadsheets are not seen as five times better than Microsoft Excel, the latter still dominates due to its proven efficiency and widespread usage. To break through and succeed, a product must offer a considerable improvement over existing options, compelling customers to make the switch despite the costs and challenges of transitioning to a new solution.
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