FIRST OR BEST
YOU’RE EITHER
FIRST, BEST, OR IRRELEVANT
T
iming is everything. I catch
myself constantly saying “Early
is on time, on time is late and
late is unacceptable.” With most
things, being early is ideal, yet
with other things, making an entrance is a
better option. For example, there’s a sweet
spot for arriving at a social function called
fashionably late. Getting to a party first
doesn’t always have the effect we want, but
getting there a tad late and making a grand
entrance sometimes does. Timing can make
or break an event, product launch, arrival,
etc.
In most businesses, product releases
or marketing campaigns are initiated
constantly. An incredible amount of
thought can go into product development,
but how much focus is there on release
timing? How many business owners take
the time to really take a good look at their
market and ask themselves how or when
they want to arrive with their product or
service? Even the best products or services
released poorly will fall on deaf ears.
Let’s take GM’s EV1 as an example. The EV1
was the first ever mass-produced electric
car released by a major car manufacturer.
In 1996, the world just wasn’t ready. Fast
forward just ten years or so and Tesla
arrives fashionably late with their Roadster,
turning the car industry on its head.
Another example could be the Microsoft
SPOT watch. This was the first smart watch
offering, but leave it to Apple to forego the
opportunity to be First and capitalize on
being Best with their Apple Watch. Both of
the aforementioned examples show how
patience is sometimes not only a virtue, but
a necessity for a successful launch.
Being fashionably late works in some
instances, but sometimes it’s just a good
BY: RYAN FLEMING
DIRECTOR - HABITATIONAL GROUP
JGS INSURANCE
30
old-fashioned land grab. Being first to
market can work extremely well also. Let’s
take Uber for example. Rideshare was
going to happen no matter what. It was an
inevitability. Uber was just the first start-up
to make rideshare a reality, and everyone
else (i.e., Lyft) has been trying to hitch a
proverbial ride ever since. How about the
ever-popular online auction site, eBay? In
1995, eBay not only stuck their flag in the
ground first but they also moved so quickly
that no one else was able to keep up even to
this day. PayPal rewrote the idea of personal
banking in 1998 and never looked back,
clinching a massive portion of the banking
industry’s market share. Sometimes the
early bird does indeed catch the worm.
So the question becomes, “Which is
better, First or Best?” Different markets or
products demand a different answer. It’s up
to you to figure this out in your own market.
You’ve got the next big idea, so what are you
doing to make sure that it doesn’t fall flat
on its face? If your idea is ahead of its time
or the world is not yet showing a demand
for it, then patience seems to be the key.
Focus on being the best product or service
instead of throwing the first rendition
of your idea at a market that just doesn’t
understand that they need it yet. Conversely,
if your idea is set to revolutionize an
industry or process that there is already
massive demand for, then your focus should
be trying to be first to the table. Get there
fast and be ready to evolve quickly. Either
way, a major portion of your planning has
to be timing. Choosing when to release
your brainchild to the world is paramount.
You’re either First, Best, or . . . Irrelevant. Be
thoughtful about your timing in order to
obtain the desired result. +
Ryan Fleming offers an understanding and a refreshing change of perspective. His 14 years of experience
in the insurance industry has allowed him to understand business from many different angles and in turn,
provide solutions to improve productivity. Ryan has been speaking for almost 10 years on various topics,
focusing mainly on improving, staff mindsets, industry understanding and controlling loss.