7 Keys to Marketing Genius: First to Market
The following is an excerpt from The 7 Keys to Marketing Genius by Michael Daehn
Being first to market with a new product can provide a sustainable competitive advantage when marketed properly. This may sound like a contradiction to the above paragraph, but it is not. Being first to market with a product can establish the image of the brand in the mind of consumers (Key 3). The competitive advantage is the identification of the company as being the originator of the product, not the product itself. Rollerblade was the first inline skate company and is synonymous with the product. All other inline skates are copies of Rollerblades in the minds of consumers.
By being first to market, a company has the opportunity to establish itself as the originator and to paint all competitors as copycat, inferior products. They also have the ability to be the first to create relationships with customers (Key 5). If you are first to market, concentrate on establishing a brand image (Key 3) and building relationships with customers (Key 5). Do not promote how no one else has anything like your product because tomorrow there will be a copy.