Rick Chen Profile picture
Sep 26, 2018 10 tweets 4 min read Twitter logo Read on Twitter
2/ How do you change the mindset of challenger brands always thinking about their competitors? #DENStartupWeek
A challenger brands’ competitors will often copy your strategy, but you shouldn’t waver. Be flattered. Don’t get demoralized, says a #DENStartupWeek panelist
Don’t change your business model to satisfy a unique need or small set of customers.

Understand why you’re special and put it into action.
You can learn a lot from adjacent companies who aren’t necessarily your competitors: @GustoHQ CMO Tolithia Kornweibel #DENStartupWeek

Our largest competitors are pen and paper or spreadsheets. (The most advanced technology some people may use to do payroll is a calculator.)
Payroll is a high-touch, people-heavy industry. @GustoHQ is unique because it has a SaaS revenue growth and business model
Challenger brands should be weary about relying or using market research too early. Don’t rush to change your product in reaction: @GustoHQ CMO Tolithia Kornweibel for #DENStartupWeek
Focus less on your competitors and more on your customers: @GustoHQ CMO Tolithia Kornweibel
You won’t find any deck or internal presentation at @GustoHQ without a reference to our customers: CMO Tolithia Kornweibel

We have 60K+ #smallbiz as customers, and we amplify their stories and experiences so others—including ourselves—can learn.
It can be helpful to create some rules of engagement when collecting quantitative data when chatting with customers.

Assume that every conversation with a customer is an escalation for support. Be prepared to help them: @GustoHQ CMO Tolithia Kornweibel

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