We’ve all heard the early bird catches the worm while ignoring the early worm get’s caught. Remember innovators, it is not always best to be first to market. Consider this 47% of first to market innovations fail, compared to 6% of those who launch after first movers.
Timing accounts for 42% of the difference between success and failure for first to market ideas. Too often when we rush to get our products to market, we ignore critical aspects of the product development or marketing strategy. First to market entrepreneurs can scale their product before they have established their legitimate place in the market.
These simple rush to market errors account for some of the reason first to market enterprises ultimately lose out to settlers or those entrepreneurs who enter the market secondly. Settlers tend to be more successful than first to market enterprises. In their rush to be first, pioneers can omit key product features and benefits. Settlers seize on these mistakes by designing the additional benefits into their products, satisfying customer demands and capturing larger segments of the market.