Is First Mover's Advantage Worth It?
Yo, an app created to allow users to easily send 'Yo' messages back-and-forth, essentially came out nowhere. Within one week it earned 500,000 users who sent 4 million 'Yos' to each other. It also became one of the top apps in the iTunes App Store, earning the attention of countless media outlets ranging from tech reporters to Stephen Colbert. Say what you will about Yo's long-term viability. It serves as just one example of the dizzying world of social media and digital marketing.
Marketers already have no shortage of options when it comes to selecting where their time, money and efforts will be devoted, but this becomes especially challenging in a landscape with new options emerging constantly.
There's one question facing marketers whenever a new opportunity comes onto the scene: Is this a wait-and-see option or do we pull the trigger and establish a presence? To move or not to move? That's a question with no right answer.
Of course, the answer is do not move if a platform will not reach your audience or contribute positively to achieving your organization's objectives. But, assuming that a new platform does offer potential, the decision to go or not go isn't easy.
The Case for Holding Back
Being the first brand to try a new platform is scary. You're the guinea pig. Everyone is watching whether you win or lose because there are no best practices. There probably isn't ROI, and a platform's current user base might not welcome you.
A lot is learned from those first brands on a new platform. Instagram is applying learnings from Facebook ad campaigns to what it hopes to be a more successful and attractive rollout of its own ad platform.
Any new platform requires a commitment from custom content to time to dollars needed to really put the platform to the test. That effort comes with no guarantee the platform will even be around for a reasonable amount of time, meaning all efforts may be for nothing.
The Case for Moving Ahead
Okay… enough with being so negative. There are reasons to move forward. We see brands experimenting with Tango and garnering significant engagement when compared to Facebook. We've also seen McDonald's push the envelope by launching new products on Snapchat.
These brands are defining the rules, figuring out what works and what doesn't, all while earning the attention of the press and especially platform users who are eager to engage and interact with brands new to the platform, particularly because it's an uncluttered environment with users who are not already bombarded with brand messages.
There is absolutely a first mover's advantage when it comes to new platforms.
It's Up to You
To move forward or not to move forward with being among the first brands to try a new platform is really an exercise of weighing the risks vs. the rewards for your business and taking into account whether or not you can invest enough time, money and resources to give your business a chance of success.