Smartcuts by BusinessNews Publishing

Author:BusinessNews Publishing
Language: fra
Format: epub
Publisher: FichesdeLecture.com
Published: 2015-03-15T00:00:00+00:00

“Like early pioneers crossing the American plains, first movers have to create their own wagon trails, but later movers can follow in the ruts. First movers take on the burden of educating customers, setting up infrastructure, getting regulatory approvals, and making mistakes – getting feedback and adjusting. Fast followers, on the other hand, benefit from free-rider effects. The pioneers clear the way in terms of market education and infrastructure and learn the hard lessons, so the next guys can steal what works, learn objectively from the first mover's failures, and spend more effort elsewhere. Many of the biggest corporate successes in history have been fast followers in their respective spaces.”

- Shane Snow

A University of Southern California study published in 1993 looked at 500 brands across 50 product categories and concluded 47 percent of first-movers failed. Surprisingly, only 11 percent of the first-movers studied remained as market leaders ten or more years later. By contrast, only 8 percent of the fast followers failed and 53 percent of them became the market leaders in their category and stayed there long term.

“Pioneers often miss the best opportunities, which are obscured by technological and market uncertainties. In effect, early market entrants may acquire the ‘wrong’ resources, which prove to be of limited value as the market evolves.”

- Marvin Lieberman and David Montgomery, professors, Stanford University

The real smartcut here is to get good at spotting society's waves before their impact is felt widely. If you can do that and be positioned to let that wave propel you forward – whether you're a first-mover or a fast follower – you will be able to get maximum benefit from this smartcut. Beiung part of the next big thing can create some impressive momentum and success.

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