Market overviews
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Apr 6, 2023
Market Evolution: Market has evolved at breakneck speed since 2020
Competitive Landscape: Jasper, WriteSonic, CopyAI and Copysmith showing the strongest signs of adoption
To scope the market, we considered tools specifically focused on generating marketing copy - excluded general writing tools (e.g. Sudowrite, Quilbot etc.) and tools focused on adjacent use cases like website personalization, sales outreach, email generation (e.g. Mutiny, Omneky, Persado, Unbounce, Regie.ai etc.). Website traffic and product review count are good indicators of adoption for SaaS products, especially those targeting a broad spectrum of customers including individuals and SMBs, which in this case is true for all the tools.
Website visits: Top-of-the-funnel expanding for tools, as customer interest grows
While Jasper and CopyAI have been the most visited historically, WriteSonic has gained strong traction over the last few months - largely driven by the launch of its search-enabled chatbot ChatSonic, which garnered significant media attention. WriteSonic is likely to get another fillip in traffic from its own little moment at the Oscars - a controversial debunk of the Oscar-winning documentary Navalny, is claimed to have been written using WriteSonic.
Team: Jasper setting up to scale in the Enterprise segment
Team sizes data provides a stark contrast - Jasper has used its large funding to rapidly scale up their team. The purpose is clear - Jasper launched their “Jasper for Business” offering this February and is significantly bolstering its Sales and Engineering teams to prepare for the high-touch sales and product customization demands of Enterprise. WriteSonic’s team size, puts into context what an amazing job they have done to keep pace with Jasper on features, top of the funnel traction as well as customer experience.
Looking Forward
Jasper has built a strong customer flywheel and, on the back of its $125M funding, is going after the Enterprise market. The big question is how it fares against Adobe’s and Microsoft’s offerings.
WriteSonic has emerged as a strong insurgent through a feature-rich product, attractive entry-level pricing and leading ease of use - emerging as a leader in the individual & SMB segments of the market. Look out for a fundraiser and continued feature development in 2023.
CopyAI and Copysmith have lost some of the momentum from their early fundraises and lag behind Jasper and WriteSonic. How they find a way to compete - catching up with leaders on product or building a niche, remains to be seen.
Lastly, watch out for some of the new concept startups in the space, like Tome and Typeface. With their large rounds, what kind of dent can they make in this market?
