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.
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.
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.