In a business where speed wins, first steps can lose.
Reasoning being—the distinct possibility—like is the case in any race—that you could jump the gun. Sure, creating a market sounds exciting, but in today’s fragmented, isolated marketplace, it’s going to be tougher and tougher to do.
Look at the advantages that Netflix secured in being first to market. All the content, all the subscriptions. However, fast to market beats first to market longer-term as we watch Amazon, AT&T, and other major players reach scale in the content distribution space. Don’t misunderstand Netflix isn’t a loser, but for all the risk the Fast Followers didn’t take on they now get ready to take on boatloads of customers.
And now—even better yet--the content is moving. It’s no longer a typical day at the office for Netflix. Nor is it a friendly business as more First Followers jump off-board and join the Fast Follower bandwagon. “Friends” will be exclusive to Warner Media’s properties for distribution on their HBO Max platform. “The Office” will be leaving for NBC Universal’s soon to be announced platform. Disney brings their platform to the table in 2020.
Dollars will depart the First to Market arena. Subscribers will move to Fast to Market places and that’s certainly nothing to laugh about. To keep forecasted subscription losses down Seinfeld has been signed for Netflix into 2021.
That’s the other side of being first to market -- losing the share to the fast followers. In a digital age, it happens quickly. In today’s big-time game of automotive retailing each month matters and as such we search for the next edge.
Now though, we’re looking for another reason and dreaming of the innovative advantage that others can’t see.
How do you get to the next level of growth and profitability without breaking the bank? The reality is – just like you did with the internet and really any other innovation – you didn’t want to be “First to Market”. The goal should have been “Fast to Market”.
Whether you believe that the First to Market wins or not. Your choice will be in determining how you can be First or Fast to market with Digital Retailing or the Service Drive or Used Cars. It’s really up to you.
Given the choice of being either “Fast to Market” or “First to Market” which would you choose?