Like any entrepreneur, you may be dreaming to make it big in your Business. But the question that might pop up in your mind is if you can achieve success in your venture. Industry experts state that second market players can offer a wide range of opportunities to derive success and growth. It is a common notion that being first to get into the market will be crucial to derive success. However, the fact is that even a second player will be able to have a good hold in a competitive market!
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Popular second movers offering Unique opportunities
Consider successful organizations like Amazon, Google and Facebook, etc. They are giants and not actually the first ones to enter their niche markets! However, using the right strategies, they managed to leverage their market position even while being second movers. They did come up with unique value propositions. At the same time they tried to differentiate themselves from their competitors, thus becoming industry leaders. Although Google came later, it did develop an efficient, user-friendly search experience. It completely changed the game. Similarly, Amazon cannot be considered to be the first ecommerce business. However, it offers its customers with convenient, seamless shopping experience, thereby transforming how shopping is done.
Achieve success in game by leveraging 1st player experience
The fact is that the whole world gets to know what first players have done and are doing. You are aware of their mistakes, failures, strategies and successes. You can learn from them to leverage yours. Simply replicate their success by using advanced Data-driven Technology. Evaluate the reasons for some things to click for your predecessors. Apply them to your game. This is more so if you choose the same platform or resources that they did. In case something failed, then perhaps, it was due to a poorly developed idea. Avoid implementing it! Find out what might work in your circumstances by twitching slightly different parameters or rules.
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Second players come up with better innovation than first ones
The truth is second players can derive better Entrepreneur Skills than their predecessors. This is because they can leverage new technology and also avoid mistakes committed in the past. First players generally experiment with ideas and strategies. If things go wrong, then they ditch it completely to start afresh with some new strategy. It does involve precious time, energy and money something that second entrants can save. Also, you will be able to come up with Unique opportunities and ideas. Moreover, you get a better idea of your customer’s expectations.
Why slog to win when you can simply beat first person and succeed?
The truth is winning is overrated! There is no compulsion to win first! Be it in life or any venture, you can copy your competition and learn from their committed mistakes. Simply innovate beyond them. Also improvise your Entrepreneur Skills.
Some instances of second player companies having achieved significant success
1. Michael Jordan brand learnt from Nike’s failures and went on to achieve tremendous success. At that time, Nike had not considered Jordan to be fit to be signed for their brand. They felt that he was not the ‘right’ choice for their company’s image. However, Adidas signed him and later he was purchased by Nike.
2. Apple is also not the very first computer company to be launched. Rather, it is behind IBM. The latter had made some mistakes that Apple improvised upon using latest Data-driven Technology. They innovated GUI (graphical user interface) and the mouse!
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An advantageous position
It is an accepted fact that being second will prove to be beneficial if you are aware of the mistakes committed by the first players. Also you will have plenty of time to launch better and more improvised products. Thus, you can take your Business to new heights.