When building a product you can choose from one of the following three options:
- Build something that’s never been built before
- Build something that companies have built on their own
- Build something another vendor has already built
Each option has it’s own pros and cons. For example building a “copy cat” product, you already know there is a market, but the upside may be limited. Building something from scratch could imply more risk but have a higher payout.
At SalesLoft, we’ve always tried to build something that’s never been built. For that reason it’s taken time to hone in on the details of the solution. While I feel we’ve found it, I do tend to believe that building stuff companies have tried to build on their own is a happy medium and shouldn’t be avoided. It shows there is a problem, but the vendor market is not saturated.
Have you ever thought about product development in this vein? If so, where do your thoughts fall?