You only need to be right about business once
- Mark Cuban
In the first part of this series we discussed what being a first mover in your business domain means and what it takes to become a first mover. In this part, we highlight why you should be a first mover in your crowded business niche.
Why should I make the First Move?
This is by far the most common question asked by most entrepreneurs. Why should I disrupt the marketplace? Why should I aim to change the status quo of the marketplace? If nobody has made the first move then why should I?
The truth is making the first move is aiming to change the norm, with the aim of wresting control of the market place from your competition and dominating the market place and this comes at a price. It is a calculated risk that can have huge consequences hence it requires careful, methodological planning and a clear thought process to outwit your competition without letting your business become a self-inflicted casualty harming yourself and your business along the way.
Now with all these in mind why should you take that risk of making the first move? Here are some first movers’ advantage that immediately come to mind.
- First Movers always enjoy the benefits of uncharted territories, they can easily unearth treasures in the new business niche before your competition starts to stem up.
- First Movers enjoy Monopoly, Monopoly in a business domain where there is sizable demand and capability to buy is every entrepreneur’s dream. You as a business man or woman needs monopoly about your business and you’re not going to get that if you don’t take the first move.
- Controlling your market is a prime advantage of making the first move, it is widely known that early adopters of a new way of doing things most often than not dictate the rules through which those things are done. So as a first mover you implicitly have control over your newly created market.
- Boost your brand, yes this is particularly true about businesses. When you make that bold move to change the status quo, your customers see you as an innovator, a bringer of change and an expert in your business niche. By becoming a first mover, you stand a chance to boost your business’ brand beyond your imaginations and you can begin to expect that your customer base begins to grow in leaps and bounds with little or no more put in your customer acquisition channels.
- Serving a new and/or different audience is another major advantage of becoming a first mover. Since your current business landscape is getting overly crowded it is important that you recognize that making a first move to change the norm opens your business to a whole new business horizon where in you can serve new customers and consequently boost your sales and grow your business
- Making your existing customers your fans, is a major advantage of becoming a first mover. By bringing innovation to your customers, your customers feel more endeared to you as they automatically become the first to benefit from the changes you bring to the fore. This makes them to a large extent become part of your marketing team as they most likely would tell others about the product or service offered by your business.
- Building a legacy and rewriting the records, is a prime reason why you should aim to be a first mover in your own crowded business niche. History remembers only the first, not the second or the third hence by making a first move to changing your business landscape you stand a chance to etch your business name into the history records thereby building a long lasting legacy for your business for years to come.
- Identifying your business as the standard, the truth is if your new niche becomes successful, with time competition would arise. By making yourself a first mover in the niche you implicitly become the industry/niche recognized standard for that type of business making sure that your competition continue to look up unto your business as a baseline while you continue to dominate your niche landscape.
- Leverage is one of the most important advantages of becoming a first mover in the first place. By becoming a first mover you can use your experience as a leverage over the incoming, new competition making sure you always stay at the top of the game.
Now that you know why the first movers advantage is key in the things you do that pertain to your business as a whole. Are you ready to take that gamble to soar above your competition?