When your product has a new "big" competitor.
One of my apps, (a video-game companion) is having nice steady growth, but yesterday was a hard day, a new app was launched on the same line.
The hard part? I came with several content-creators talking about it, and it's free.
The hardest part, they got access to a "private" database that improves the app experience. Access that I don't have.
Couple of months ago, when I was about to launch mine, I contacted a podcaster to see if we could do something together promotion-wise, he mentioned he couldn't as he was going to work with somebody else, so I knew about this new app. Still felt like a punch in the gut.
I'm not complaining that there's a new player in the game, that's more than fair, my biggest issue right now is that I don't know how to react (or even if I should).
My first idea was to promote my app on the App Stores, spend some money and try to catch users looking for the other app to try mine.
Or don't think about it and keep doing my thing.
Or just accept that a bigger fish arrived and I'll be eaten.
Any advice would be appreciated.
Focus on your customers :) If you run a race staring at your competitors, you're naturally going to run slower
I'd strongly recommend reading The Innovation Stack by Jim McKelvey. Since reading it I'm much calmer when copycats and competitors launch.
Essentially it boils down to: keep doing what you're doing. The unique decisions you make along the way based on your customers' needs are your "innovation stack" and are what make you different.
Ya Jeff bezos recommends focusing on customers usually. He says sometimes fast following competitors can be useful but depends on what you’re doing.
Position differently and speak to your customers in words only they will understand.
Stay abreast of competitors from time to time, but never try to match them feature-for-feature.
Since your app is having a nice steady growth, just keep doing your thing. There is no app without competitors, big and small. Trust the USPs of your app and it will continue to build your target segment.
Keep the bigger fish as one more reason to be pro-active when it comes to customer acquisition.