“First mover advantage” is a well-worn business maxim, yet too often it leads to futile efforts in a market not yet ready to support profitable enterprises. “Fast follower” is a rival maxim, yet it can lead to companies missing out on huge opportunities.
Too often, companies follow one school or the other like some sort of corporate religion, assuming the approach to be right in all circumstances. In reality, the suitability of each of these strategies — as well as the feasibility of a late follower strategy — completely depends on a market’s particular circumstances.
In a new article for the journal Strategy & Leadership, I explain each of the three approaches and when to employ which one. Click to download “Better Growth Decisions: Early Mover, Fast Follower, or Late Follower?”
Story by Steve Wunker.
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