Looking at a huge startup success stories such as Uber or Slack, the question of what the company sells would be pretty easy to answer. Uber provides a ridesharing network and Slack sells workplace messaging software.
But for serial entrepreneur and investor Gary Vaynerchuk, the answer’s a bit different. Having seen “hundreds” of startup pitches each year, Vaynerchuk believes he’s nailed the one thing successful companies are selling above all else: time.
“In a marketplace of distraction, the company’s, products and services that can save you TIME, are going to win. That is why Amazon is a market leader. That is why Prime Now wins,” Vaynerchuk wrote in a piece on Medium.
“They have simplified the process of buying and selling. They have saved you enormous amounts of time.”
Vaynerchuk goes on to explain how time is a commodity “you can’t get more of”, hence the value of businesses and services that put convenience above all else. It’s why we “choose the $24 Uber instead of walking”, he says.
“Convenience is king. If you can simplify a current market, product or experience, you have a real opportunity to provide value to the end consumer,” he said.
Vaynerchuk says all new businesses operating in the consumer space should offer ways to save customers’ time whenever possible, saying businesses should question how to “expedite a market experience that used to be tedious and tiresome”.
“If you can do this, and execute, you are going to have a good chance,” he says.
“If you are trying to create a competitive advantage, you should really start thinking about SPEED and CONVENIENCE as the two things that will help you succeed.
“And more importantly, make sure the end consumer perceives that additional convenience or speed you provide.”