With Dropbox Paper, we had clear incumbent competitors-Google Docs and Microsoft 365. Especially in the world of product-led growth, where the product experience is your best salesperson, it takes an obvious improvement to the status quo to motivate users to switch. You’ll notice I emphasized “significantly.” A good rule of thumb is to look for features or functionality that are 10x better than the alternatives, not just slightly better. Whittle down your list of uniquely valuable features to ones you do significantly better than most alternatives. Now go back to your list of valuable features, and rate how well the competitive set solves them. They may have been using a competitive product, using a workaround or repurposing other tools like spreadsheets, or not solving the problem at all. Start by identifying how your best customers were solving their needs before they switched to your product. Your competitive set is defined by your category and your positioning, so in this case you may need to go with your best guess now, and refine it at the end of the exercise. That was enough to bring us to the competitive research phase.
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