Consumer facing tech businesses like Uber aren't just competing with other firms that provide a similar service. They're competing with everything that vies for your attention.
This is why B2C tech businesses tend to be more innovative, better at design thinking and take inspiration from a wider pool than their enterprise tech counterparts.
Learning notes:
- The Attention Economy refers to products which compete for consumers' attention, which widens the competitive landscape exponentially. Uber isn't just competing with Lyft, or your feet. Going out competes with staying in, so sometimes you're choosing between an Uber to a party or Tindering at home.
- Smart B2B companies are taking inspiration from consumer innovation. The innovation team at Barclays asked if Domino's Pizza could track customer orders, why couldn't Barclays could keep borrowers up to date with the progress of their loans?
- If you're working on a B2B business, learn from consumer companies. Study the UX design on Bumble. Learn about effective algorithms from TikTok, understand what product managers do at Facebook.
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