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Startups can use several strategies to ensure their product meets market needs. Firstly, they should conduct thorough market research to understand the needs and preferences of their target audience. Secondly, they should focus on creating a strong value proposition that clearly communicates the unique benefits of their product. Thirdly, they should adopt a customer-centric approach, constantly seeking feedback and making improvements based on this feedback. Lastly, they should be flexible and willing to pivot their product or strategy based on market response. TikTok's success can be attributed to these strategies. It understood the need for a short-form video service and offered a unique, engaging platform that appealed to its target audience. It also constantly innovated and adapted based on user feedback and market trends.
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According to CB Insights, the second most common reason startups fail is because the market simply doesn't need what they are building. This was, unfortunately, the case for Quibi, a mobile-focused streaming service that launched and closed shop within six months in 2020. Compare that to the rise of TikTok, another short-form video service -- TikTok launched in the US in August 2018 and by October of 2018 it had surpassed Facebook, Instagram, Snapchat and Youtube in app downloads. Today, TikTok is on track to reach 1.2B monthly active users in 2021. So why did it succeed when Quibi failed? A strong value proposition.
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