In episode #674, Eric and Neil discuss the First Mover Advantage. Tune in to hear why being first may not make you the best.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: How First Mover Advantage Can Kill Your Business
- [00:50] Coca-Cola is the beverage king. They are the first mover.
- [01:11] The first mover advantage helped Coke become the dominant brand.
- [01:26] Peter Thiel has a concept that says whoever the first to market is, gets a huge advantage. However, you also end up with a lot of high costs and inefficiency.
- [02:17] Last mover advantage is taking what has been done and improving upon it.
- [02:31] Being the last in is a huge advantage.
- [03:23] Moz was the first marketing tool out there, but other brands that came after have overtaken them.
- [03:35] SEMRush and AHREFS are go-to’s and improved upon what Moz does.
- [03:58] YouTube did really well at first, because they didn’t have to deal with the lawsuits other sites did.
- [04:30] Napster was a great service, but they had to deal with lawsuits and they got destroyed.
- [05:18] As tech evolves, it also gets cheaper.
- [05:30] When Moz released their financial info, it was found that they spent hundreds of thousands on server costs.
- [05:40] This is something you can spend a lot less on now.
- [06:09] That’s it for today!
- [06:13] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
Leave some feedback:
- What should we talk about next? Please let us know in the comments below.
- Did you enjoy this episode? If so, please leave a short review.
Connect with us:
Discover Latest Episodes
In this episode #3035, Eric Siu and Neil Patel discuss the AI talent shift from Meta to Elon Musk’s XAI, the challenges of adopting AI, and the tough truths of angel investing. They also explore You...
In this episode #3034, Eric Siu and Neil Patel discuss how to achieve virality by understanding algorithms, the rise of young entrepreneurs, and why focus is critical for business success. They also e...
In this episode #3033, Eric Siu and Neil Patel share VC perspectives on how AI is reshaping automation, while stressing that strong relationships remain key in service-based industries. They also high...