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!
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