Now that technology is delivering in speed and ease of development, Last Mover Advantage is the new hot ticket. We are in a new space as well, wearable, in-car, in-home it’s all seamless (or getting there) also cheap, assessable and it works!!
Imagine how cheap and quick it would be today to build Uber from scratch today? Also as technology becomes more accessible it has more of a disruptive effect again like Uber which shook the global taxi market and has not settled yet.
Last mover advantage has given the Philippians’ an amazing 4G network and Czech has one of the fastest broadband networks so being late to the market can be an advantage and if you look at where we are with technology its actually an advantage.
Looking at the pioneers and the followers makes interesting reading… (Not a new chart but makes the point well)
So what does this mean for brands?
- Learn all you can from your competitors about the service or product you will follow
- What was their biggest problem?
- What user solutions did they deliver and can they be improved?
- What data will we look at and what will we learn from it?
- Chase the user not just the customer: be useful and they will become customers
- Embrace wearable and digital tools to make yourself helpful don’t just cover the basics and put your services on line
- Be brave as your entry to a market as a follower will be
- Cheaper investment in technology
- Faster and easier to deliver
- Deliver better value to the user
- Taking part of an established market
So in summary…
Hotel brands can take back the ownership of traveling; why not use all the content out there and be the aggregator of reviews and localised content? Connect with airline API’s for timing, all this is off the shelf now. People still attach themselves to their favourite hotel brand so why not grab back the local digital knowledge? You don’t need to create it just deliver it.
Car brands can become useful partner’s not just practical solutions, why should I use an app to park on my phone when my car should be able to do it? My car should be aware of events locally to where I am or suggest food or sleep stops along my journey but to my preference, again all very simple from a tech POV.
White goods which I think is a prime area as we have seen a few smart washing machines and fridges but it’s all been focused around switching things off and on which is great but do they need serviced? What power are they using? Miele use the oven as the connected hub for the kitchen so your oven tell you when you’re washing will be done, your cooker can adjust the extractor fan when there is too much steam, all appliances have remote diagnostics so the service man arrives with the right part a feature I like is you can put in your tariff for your electricity and your dishwasher, washing machine can decide on the best time to use electricity for the cheapest tariff. Connected and useful.
So innovation “the next big thing” is always difficult to find but taking good ideas and taking them to the next level is cheaper and delivers better user experiences. So you can stop waiting and go on a land grab.