The marketing power of being first

Photo: Shutterstock.

I’d like you to consider the following, seemingly unrelated facts. They’ll provide you with a really useful insight for your business.

• Although it’s 2022, we still remember Sir Roger Bannister as the first person to run a mile in under 4 minutes.
• Apple became the world’s most valuable company, largely from the profits of its iPhone; the world’s first smart phone.

There are a couple of really valuable business lessons here.

When you are the first to do something, it’s talked about and it’s remembered for a very long time. We remember Bannister, even though Australia’s John Landy broke Bannister’s record just weeks later. Landy was faster, yet remained relatively unknown because he wasn’t the first person to go sub 4 minutes. The first person was covered worldwide in the media of the day. Landy was largely ignored.

Secondly, it doesn’t have to be perfect. The first iPhone was really buggy. It even lacked a basic copy and paste facility for over a year! However, it was extremely useful, compared to the so-called feature phones that preceded it.

You and your business

Here’s a highly valuable question to ask yourself: What useful adjustment or change to your product or service, could you be the first in your industry to provide (locally, nationally or globally), in response to the current economic challenges?

Here’s why that question is potentially of so much value to you.

You don’t need anyone to tell you that we live in very uncertain times right now, or that lots of business owners are struggling. However, other businesses large and small are innovating and inspiring their marketplace, just like they did at the start of the coronavirus pandemic in 2020.

Again, just as in 2020, the businesses that will thrive are the ones willing to adapt to the new, commercial realities.

It’s easier than you might think

Fortunately, you don’t need to reinvent the wheel. For example, an idea that’s common in another industry may be unheard of in yours. It just needs to be new to your locality, industry, profession or marketplace.

And it absolutely doesn’t need to be perfect. It just needs to be useful, based on the 2022 requirements of the market you serve.