FIRST VS LAST TO MARKET

When it comes to marketing your business we often like to think being first is a good thing. But others think it’s best to be last to market or at least wait a while before going in full pelt. There are pros and cons for both scenarios, but how you decide depends on what you want to achieve and how you want to achieve it in terms of process and procedure. Let’s start with being first to market. ​

First to Market
The principle of being first to market is such that people perceive you as being the first to provide an offer that allows them to be users of a new product or service. Your brand will be associated with making changes to the way they use or consume a product or service. Hence we are given the opportunity to serve and supply a demand that has not yet matured to the point of saturation. ​

This allows us to develop procedures within our business that creates a process for ensure leverage on the ideas that get generated for business purposes. So let’s say that you come up with a new idea that transposes how people feel about how they used to operate, such as technological or practical application of old systems such as accounting. ​

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In the case of technological ideas, you might need to test your product with new markets that have not yet been exposed to your idea. This will take careful planning and organisation to allow for rigorous testing, reporting and recording of results.

But if you wish to take your product to market without knowing the impact it will have on first time users, you will be risking a reputation for making decisions without knowing what the product will be helpful for in terms of satisfying customer needs. Therefore, new products will need to be tested to the point of knowing what the outcomes will be and the impact on customer lives. ​

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Being first to market, then, is something companies enjoy doing when they are exploring the boundaries of what’s possible when it comes to new ideas, inventions and processes related to market needs that have not yet been realised. The benefits of being first are that you get to monopolise the market with a new idea that others will need to develop after the fact, if they see that it’s successful. 

We now take a look at being ‘last to market’ in terms of similar ideas, inventions and procedures. ​​

Last to Market
​In the event that you have a product or service that relates to something that is already existing on the market, you can decide whether or not you are ready to launch your idea to show how you can do it better, faster, cheaper, easier. Identifying unique reasons for being in the market competing against your competitors is a crucial factor in allowing others to realise how your product or service will be differentiated from the rest. Therefore, finding a unique selling point will be your first consideration when thinking about how to market your product or service. 

Your Unique Selling Point (USP) ​
When you differentiate yourself from the market competition that is currently available you allow others to make a choice to choose your product or service over others. This is because customers have scoured the market and have compared and contrasted their specific requirements to enable them to achieve the best deal. 

Listening for Values ​
When people speak they give away their value systems by the words they use to describe their experiences. If they are feeling down and need to find a solution to their problem they may experience a feeling of being left out in the cold which implies they value the feeling of connection. Another person might need a solution to solve their travel making plans which implies they value the feeling of adventure and/or risk taking.

​So how would you go about selling your product to someone who needs a similar solution?  

Their requirements are based on what they value and therefore will dictate the criteria thy are seeing within a set of offerings. They enable a choice to be made around ‘why’ they are are seeking a solution in the first place, i.e. a value they desire isn’t being met to a good enough degree. Values are such that they guide people’s decisions on how they spend their time, money and energy on a daily and even life-time basis. How does this help you decide what to promote in terms of marketing your brand to an audience who need and are willing and able to pay for your solution?

You might reiterate the ideas that your product solves the problem by making the process easier to learn about how to get from A to B for example. The key word here is ‘easier’. No one likes things being complicated and so you would be appealing to the majority of buyers in the market for a new and/or better solution. Trying on new solutions had better match up to their expectations of being better than or differently equal to that of your competitors. ​

Differentiating Your
​Business Offers ​
In creating a solution for your target market you can make sure they understand and know why your products and services are going to provide the best value through ‘differentiation’.

​Differentiation is the process of being able to distinguish between one product and another. For example, let’s say that you need a new hoover and can be sure that it will do everything you need it to. 

You would check the product description and compare that with others on the market. The final decision would be made based on what you needed it to achieve. So therefore, picking a product that most closely describes ease of use, light weight and powerful would satisfy someone whose values are saving energy, reduction in physical pain and cleanliness.

Therefore realising that your product has values built into it must be one of the key ideas that support the marketing messages that are prominent on your platforms before they’ll even consider buying what you have to offer.

​Only then, will they deem it valuable and worth their time and effort in researching and reviewing their decision to buy your product. ​

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