Hi all –
A couple of weeks ago, we talked about the “Flywheel Effect” and what that looks like at Drift, but we need to dig deeper into WHY it matters.
The flywheel represents how processes build momentum and structure towards consistent success. But why is it important to build these structures at Drift?
We have to assume other companies are going to come in and try to copy what we’re building. It’s just the nature of the game right now. People are constantly checking the pulse on what’s working and not working and if they’re not already working on something similar, they will be once they see a business doing well. And that’s what we have to fight against with Drift.
I recently stumbled upon an article written by James Currier, General Partner at NFX, about the four types of defensibility that help to answer our ‘why.’
Between the four types (brand, scale, embedding, and network effects) he calls out one in particular as most important to succeeding against the competition: network effects.
Currier says, “If you don’t have a source of durable advantage, well, you’re roadkill.” We will get run over by competition that steps in if we haven’t properly built network effects and stayed consistent with our flywheel.
We have a mission to fulfill with Drift and it’s not to be roadkill – it’s to transform the way businesses buy from businesses or as Leo Tenenblat, our CPO, says “Drift is the platform to understand your customer needs and engage, thereby accelerating how they learn, buy, and get support.”
I’ll share my answer here next week, but in the meantime, I’d love to hear everyone’s ideas. Text me at +1-212-380-1036 to let me know.
P.S. Here’s what I’m reading right now
This McKinsey report has been making the rounds in several different Drift Slack channels. I love this line: “The companies with the best financial returns have combined design and business leadership through a bold, design-centric vision clearly embedded in the deliberations of their top teams.” Read the full report here.
An important reminder that failure is only a matter of perspective.
Doing more with less is an uphill battle to meet customer needs. Great insights from Accenture on how artificial intelligence can help enable customer engagement.