What Comes with Being The 1st in an Industry

Being first-to-market lets you change the world but it also comes with risks. See what we have to say.
By aha insurance - Oct 23, 2018

At aha insurance we continually explore ways to stay in control of all aspects of life – because we know life is about more than insurance. In our Work Matters series we talk about staying in control of your life and reaching your #careergoals. Control feels great!

‘First to market’ is a refrain of success that rings in the ears of every business person who dreams of leading a first mover company. But what really comes along with being ‘the first’ in any industry? The quick answer is a great many benefits, which will be outlined below, while the more in-depth answer usually boils down to making sure you are prepared for any eventuality.

Know That The Past Is The Past

Traditionally, in any industry, the Brand that was first to market with a product or service could count on having some time to bask in the glow of its commercial success. A thorough roll-out strategy planned well in advance would take into account tested marketing strategies that would appeal to consumer interests.

The expected time lag between debuting a new product and the appearance of a ‘second-to-market’ similar product, often enabled brand dominance to be established by ‘the first’ company, as well as providing time to work out any kinks in it’s product and marketing strategies. Predictably, by the time any other serious contenders entered the market, the habitual buying behaviours of the initial customer base would usually enable ‘the first’ to retain dominance of the marketplace.

Today It’s All About The Boy Scout Motto

Being first to market today means taking to heart the Boy Scout motto, which translates to the very simple, but very prophetic: “Be Prepared”.

“When your company is the trailblazer for any product or service, being prepared HAS to be the basis for your first to market business plan to be successful.”

Anticipating and planning ahead for any and all eventualities that can and might happen, will position your brand for success. Knowing that technological glitches will happen, that tested and re-tested user interfaces might still cause confusion among the general public, means having a well-trained staff poised to respond during the first weeks of any rollout.

Resilience Is The Key To Success

Hire the best and brightest to develop your product or service, and then hire the best, brightest, fastest and most flexible to be in charge of the rollout. Speed in response to challenges is what maintains that all important wave of success. Ultimately, once proof of concept has been established, preparedness is truly the stand alone factor that can determine a successful first to market experience.

aha insurance is Canada’s first car and home insurance brokerage to offer a fully online customer experience. Customers can purchase and manage their car and home insurance online in minutes from the convenience of wherever they are. This puts customers in complete control, and control feels great.