Do Companies Really Need The First Movers Advantage To Achieve Great Success?
It's High Time You Get Clarity On This Myth
First movers' advantage is a myth
(Not click-bait. Read for perspective and examples)
So recently one of the most prominent companies in world launched its signature product, and the entire internet is busy talking about this launch.
If you think you have guessed what's this company and what's the product, drop a comment below and let's see if you and I are on the same page.
I'm pretty sure if we had access to the parallel universes this company would be getting covered by media even in those universes.
However, if you ask the true influencers, domain experts and even well-educated customers, they will all agree to one aspect about this company and their "signature product".
This company's signature product offers very little to no "innovation" to the customer.
In fact, some of their new features are gimmicks, some features have been made available by the competition for years.
Wait, there's more!
A few features on this product are so old, that the competitive brands offer the (missing) features in their entry level products that sell at a fraction of the cost of this "newly launched" product.
The product that I'm talking about (if you haven't guessed already) is the iPhone 16 that was launched recently by Apple.
iPhone 16 is a product that offers very little to no innovation. Apple rarely comes up with any bleeding edge, first movers' advantage in their products, and yet we all know how popular Apple and iPhone is, right?
Apple (for reasons known only to the company and the creator) refuses to pass on basic features like higher refresh rates to iPhone (my Android phone that costs 1/3rd of the price has that feature).
iPhones don't come with "fast charging" support, but have you heard a huge hue & cry about this?
Every year they come up with cosmetic and minimal changes and yet millions of people line up, buy the product and flaunt their new Ultramarine iPhone.
This is NOT a hate post about iPhone/ Apple.
Who knows, I too may upgrade this year.
The idea that I want you absorb is that when you know your USP (design and ecosystem), your target customers (t̶e̶c̶h̶ style enthusiast) and you get your marketing in order, even an inferior product "on paper" will sell in millions and make you profits north of GDP of multiple companies.
So, save this note somewhere and next time someone tries to tell you your idea won't work, because it's not new, send this to them.
This is NOT the first time someone has written about the fact that Apple doesn't innovate enough, and yet you managed to read my "not the first" post on the subject.
𝗺𝗶𝗰 𝗱𝗿𝗼𝗽
Tell me your thoughts on what you just read and let's continue this conversation.
Keep Going Keep Growing 🚀
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P.S.: Image made on Meta AI. The prompt, “A confused looking Indian young adult wondering how some companies succeed and why do so many companies fail?”