How This Meerkat Changed Its Product to Avoid Being Crushed by Twitter and Facebook
Our digital landscape is evolving at an exponential pace. Technology is both transforming and disrupting business in equal measure as industry upheavals increasingly become the norm. Meanwhile, household names risk being labeled dinosaurs and face extinction if they fail to adapt to the continuously changing climate.
Last year, live video streaming app Meerkat stole the show at the SXSW show in Texas and were predictably pegged as the next big thing. Only 12 months later, Meerkat CEO Ben Rubin was forced to admit the company had a growth problem after Facebook Live and Twitter's Periscope crowded the marketplace.
Meerkat finally came to grips with the brutally fast pace of business change and consumer habits. Their perfect response was a 21st Century business lesson in how small companies can compete with the big boys. Here's what we can all learn.
1. Narrow Your Niche
The likes of Amazon market themselves as a one-stop shop with an "everything under one roof" ethos. The harsh reality is that any entrepreneur, startup or small online business simply cannot compete and will never be all things to all people.
Meerkat could be credited with inventing the entire concept of live video streaming from your smartphone. But now that tech behemoths Facebook and Twitter'sPeriscope are also swimming in the same crowded waters, they have decided to narrow down their niche and once again be the only fish in the pond.
Rather than broadcasting a live video stream to everyone, the Meerkat platform will now concentrate on becoming a niched social network where friends are always online and sharing stories around a virtual campfire.
Possibly the most crucial aspect of running