I haven’t done a business motivation post in a while so I thought I would write on all about gaining that competitive edge in your industry. Whatever line of work you are in it can be hard in today’s day and age to be the first at something. And if you are it’s even harder to keep it before another ompany comes along and tries to take it from you.
If you have the possibility to enter a market first you are known as a ‘First Mover’ a person with no competition, this is a great advantage. However, the chances are high of failure. Which means you have to make sure you thrive in your market thus becoming a Market Leader.
If you are a late entrant this can also work in your favour, knowing what your competition did wrong and working off their mistakes. This means they have the possibility to jump over competitors as they are moving at a quicker mistake without set backs. So either way you either need to be first in the market, or you need to the best!
‘Good artists copy, great artists steal’ -Steve Jobs
Learning from mistakes can sometimes be hard, its a lot easier said than done, the biggest challenge for first movers is that they enter the market, guns blazing hoping they will succeed and the market fires back and set you back further and further from your goals. That’s why you see some leading companies let their competitors launch the same product as them first so they can how the market will react and how to learn from it.
‘If later entrants can leapfrog pioneers, firms could be better off entering late’ -Peter Golder and Gerard Tellis
With this is mind you would consider that a lot of companies would just wait… However, naturally with the person to launch first they will be remembered, also with patented and competition laws it can be hard to launch a product right after competitors which gives them just enough time to create customer loyalty and higher brand awareness, so its a risky game to play by waiting.
Remember if you are the first or if you are a late entrant, competitive edge is everything, swaying the consumer to you over competitors takes work, perfect timing and repetitive effort. So whatever type you are, first or second make sure you are the best.
Hope you enjoyed this post,
Hard work pays off,