The popular social feature has gotten a lot of attention for its similarities to Snapchat (NYSE:SNAP). But Instagram’s version does have some key differentiating features to set it apart.
Instagram’s co-founder Mike Krieger recently sat down for an interview with CNN Tech to share a bit about the creation of the product. Krieger acknowledges the Instagram team did look at Snapchat. This much is clear due to some of the common features like face filters and disappearing messages. But Krieger also points out Instagram Stories offers additional features like hashtags and location based stories.
“We did take this format that was out in the world, but we made it our own by bringing in innovations and complementing it with Instagram,” said Krieger.
You Need to Differentiate Similar Products
This is an important point for small businesses. Not every product you offer has to be a complete revelation unlike anything offered by your competition. You can find success by taking existing concepts and making them your own. But you have to be sure to add that differentiation.
This could mean taking an existing product and adding a unique feature. For example imagine developing an ecommerce site integrating new technology like augmented reality. This could allow customers to get a feel for products before buying. Or you could even change the way you deliver existing products, like utilizing a subscription model instead of traditional retail or ecommerce experiences.
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