4.9 • 816 Ratings
🗓️ 31 January 2024
⏱️ 20 minutes
🧾️ Download transcript
In this episode, we talk about the intricacies of the "first to market" phenomenon. Contrary to popular belief, being the pioneer isn't always a guaranteed path to success. We explore the pros and cons of seizing the first-mover advantage, shedding light on why it can be a double-edged sword.
While being first certainly offers the allure of high rewards, it also carries significant risks. Tune in as we dissect the complexities involved in shouldering the responsibility of creating demand and gaining traction in uncharted territories.
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0:00.0 | This is just a wake up call. For those of you who are, you know, considering these hot products, |
0:07.0 | fad products, right, high risk, high reward type of products, it's possible. It's possible. |
0:13.2 | I don't want to say like avoid these products at all costs, but you got to understand the risks |
0:19.3 | and you got to understand like all these, you know, |
0:21.3 | nuances to these products and what it takes to really be successful in the long term. |
0:26.0 | Now, |
0:26.9 | What's up, guys? |
0:33.8 | You're listening to another episode of Selling on Amazon with Andy Isam. |
0:38.3 | In this episode, we're going to talk about why being first to market isn't always the best thing. |
0:45.3 | Now, if you're thinking about starting an e-commerce brand, and maybe more specifically on Amazon, but honestly, this episode could apply to any e-commerce business model. It doesn't matter if you're going to sell it |
0:55.7 | on Etsy or Shopify or Amazon. It doesn't really matter. But my belief is that it's not always the best |
1:03.2 | thing to be the first to market. Now, there are some very strong case studies out there that prove that being first can give you a significant |
1:14.2 | advantage financially. Like the two ones that come immediately to mind to me are fidget spinners and |
1:21.3 | COVID masks. Like two massive movements over the past, what, five to ten years, that if you were the first one selling |
1:29.9 | fidget spinners online, you probably made multiple millions of dollars. Same thing with masks. |
1:35.7 | If you were one of the first to sell masks on Amazon or the ones allowed to sell masks on |
1:40.5 | Amazon because that became a whole thing, you probably made multiple millions of dollars. |
1:45.9 | Because again, you were first, you were the one who was getting all the sales at the beginning, |
1:50.0 | you were the one who was building all the reviews at the beginning. |
1:52.1 | So there's definitely, definitely value there in being first. |
1:55.5 | And I've actually seen it with some of my own students and clients. |
1:58.9 | I've had students who created revolutionary products that |
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