How often have you been hit with a brainwave for a business idea, and then realise that someone else got it earlier and launched it before you. So what do you do next? Shelve it and hope another good idea comes your way? Or possibly dig deeper and explore the idea further?
Swiggy was most definitely not the first of its kind when it comes to food delivery. Yet, today it’s a household name. Dunzo too was not the first of its kind last mile delivery app. But what it is today is definitely something of an action verb when you want something picked up from a supermarket or from your mother-in-law’s home.
First movers are pioneers for sure. But that doesn’t mean that it means a full stop to competition. In fact the possible effect of a first mover in the market is to educate the market, make them aware of the concept and then offer competition the opportunity to come in and leverage the already created market for the offering.
However, you still need to take on the might of the ‘first mover advantage’. And here’s where you need to go beyond just being a mere ‘challenger’ to clearly an improver. Improvers have the opportunity to study what’s working and what’s not working for the first mover, and seek a white space that its offers for you to own.
Here are some points on how to be an improver:
- A deep understanding of the need that the first mover addresses
- A study of the consumer response to the offering. Why are they drawn to it and why are they not?
- Is it addressing the needs of all possible consumer sets, or only few of them? Is there an opportunity here to reach out to the ones not being addressed?
- What is the gap in the consumer experience? How could this experience be enhanced from the product quality and experience, technology quality and experience, and maybe price and reach?
- Clear brand definition of your purpose that can be translated into a clear communication strategy
Well, even Shakespeare borrowed story ideas, plots and characters from historical events and classical texts. But he made them his own with his own style of story telling. So go ahead, and turn that brainwave into your own big idea – first movers notwithstanding!