Any technology marketing plan needs to answer the question, “Should we be first into the market with this technology?” There’s more to this than meets the eye. Capitalists for example often succeed by not being first movers, but by waiting to see which first movers succeed, and then investing in those companies or those ideas.
Pros and Cons of Diving in First
Depending on the size of your market (you might decide to be a first mover in a local market), you might see the following pros and cons of such a technology marketing plan:
PRO. Higher profits and higher market share
PRO. Gain a reputation for technological leadership
CON. Risk that the market flops
CON. Considerable effort may be needed to build momentum
If you understand your market, can see where the technology is headed, and have some marketing flair, then first mover might work for you.
Pros and Cons of Hanging Back a While
If you decide to wait and see, before making your move, then the pros and cons might be:
PRO. Avoid risk and effort by only moving into markets that show success
PRO. Pick up on opportunities missed by the first mover
CON. Reap less market share (unless you can outsell your first mover rival)
CON. Be seen as a “me too” enterprise, rather than a leader
In the end, your overall marketing strategy should determine what you do. With a positioning as a technology leader, being a first mover becomes more important; but if your positioning is built on service and support for technology, being a first mover may not be such a priority.
On which occasions have you been first into your market with a new technology? How did it work out for you? Tell us about your experiences in the space for Comments below.
And to follow-through on the tips introduced in this short article, be sure to download your free copy of the special report on the Top 10 IT Marketing Strategies For Consistently Attracting New Business Clients to Your Small IT Business.
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