EPISODE E5.009 Identify Obstacles in First to Market

RESULTS RADIO..."Let's Grow Together"

Introduction
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Show Objectives - The Why
This is a controversial topic. There are many that believe this is not a competitive advantage and there is much to say about that position. However, we still believe in the end FirstBig Wins whether you are the first to market of third - its about big first.

Key Issues - Owner/Manager:

1. You can lead or follow.
2. If you lead your cycle times - revisions/new products & services must be less than the competition.
3. Force the competition to copy rather than innovate.

What You Need to Know - The What​

• ​Advantages
  • become the defacto standard
  • build early loyalty tht will make defection harder
  • lock down other players to you, like suppliers
  • create a high cost of switching
• Disadvantages
  • heavy investment might not provide adequate return
  • competitors learning from your mistakes
  • your offer can be reversed engineered

What You Need to Do​​ - The How

1. Undercapitalized: the marketing costs to educate the market on the offer before building brand presence.
2. Customer Testing: beyond Market Research, when customers don't understand the offer beyond they use it - you must be right - how do you ensure a Steve Job's level of design competence.
3. Barriers to Entry: how do you make it impossible to be copied?
4. New Product/Service Development a Core Competency: first to market (first mover) means you have the initiative to create market standards that others must follow.

Shows

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