The features of your product will determine your competitive position in the market.
For any market, there is a baseline set of features that customers will expect.
To enter the market your product must provide these basic services.
To beat the competition your product must have differentiation features.
Differentiation features distinguish your product from the competition.
This gives the customer a reason to choose your product over competitors.
Customers will demand the basic features and their performance.
It is up to the founder to drive the development of the differentiation features.
Your sales team will push for basic features and their performance to close current customers.
Your current customer will drive the basic feature set for their own needs.
You must drive the differentiation feature set for new markets.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.