First Movers Advantage: Why it matters?

Understanding what it takes to make the change in your crowded business niche

Preamble

Many a time, we are lost in the ever growing population of competitors in our business domain, it simply appears as though we are going to be suffocated out of this business niche as new competition arises daily. Mostly we feel lost, incapacitated, and unable to make a change as everyone is “doing it”. The ocean of opportunities is being muddied and it’s becoming increasingly harder to play with so many sharks swimming in this ocean. Do you feel this way? Do you feel you would be out of business so enough if this continues? Do you feel a sense of loss as you traverse through your daily business activities? If yes then it’s time to move… It’s time for you to make the first move.

What is a First Move?

A First Move can be defined as a radical change from the norm.  A process of stepping away from the conventional into uncharted territory.  Making the first move in business is always a key step in every business man’s journey to greatness. The first move is always an arduous task and not for the feeble of mind hence it is not a path taken by most business men.

In a bid to liberate yourself from the cluttering of your current business niche, there should be a conscious need to make the first move. This goes not to say that every challenge requires you to change your scope of business, as a matter of fact that is more synonymous to having no clear goals and determination to succeed, where a first move is strictly a process of changing the rules of the game in which your current business niche thrives on, it simply means becoming the dictator of the rules that governs the game of your business niche.

A first move is may not necessarily mean stepping out of your current business niche, but taking charge through a carefully planned process whose endgame is  controlling your niche or starting a new niche in which you control.

First move is always about innovation and control. Are you ready to be a first mover?

What does it take to become a First Mover?

For you to become a first mover in your business niche irrespective of how teeming the population is, you must do the following;

1. Know your Market

This is perhaps the most important recipe for becoming a first mover. As a business man that intends to leave the crowded ocean of competitors to create a new ocean wherein he’s the only one that dictates how the business runs, then he must understand the most important ingredient that makes up the control soup… The customers”. A thorough understanding then following about the customers is key.

  1. How open are they to purchasing based on your proposed first move (What are the immediate and visual benefits your move gives to your customers)
  2. How responsive they to changes especially disruptive changes that tend to come with first movers?
  3. What is their purchasing power? ( This helps identify if there would be a need for a total niche change altogether)

The knowledge of the aforementioned questions are key if you want to make a successful first move.

2.Know your competition

This is another key aspect, of becoming a first mover is the thorough knowledge of your competition. This helps you in understanding why they do the things they do and how your move can disrupt the current status quo prevailing in the marketplace.

Knowing your competition also helps you understand their limitations and how they react to changes especially how they would react to your disruptive change once it comes to the fore.

Knowing your competition further allows you to predict their responsiveness to change and their drive to resist any form of disruptive change you may intend to bring with your move.

3. Know the policies that govern your business

Societal rules and governmental policies may make or mar your intended first move, it is therefore important the your master the policies that govern your business rules as making an uninformed move especially when it deviates from governmental policies could be used by your competition to throw you out of the market altogether.

A good understanding of the limits provided by governmental policies on your business niche is premium if maximum first movers’ advantage must be obtained. In simple terms ” Know what is allowed a don’t deviate “.

Now that you know enough to be dangerous, it’s time to make your first move. In the concluding part of the series “First Movers Advantage. Why it matters?”  I would discuss how to make the first move in your business with a view of making you take control of the game.

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