How First Mover Advantage Can Kill Your Business | Ep. #674

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: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.