You always need a hook. You always need an angle. If you want to have a profitable and valuable business, you need to do at least one thing better than your competitors. That one thing needs to be meaningful and impactful to ensure the advantage your business has can be leveraged into better margins and a solid bottom line.
First mover advantage is a term used by entrepreneurs that want to clearly identify where they believe their business is in the market. DAZN, a sports streaming service, recently used that term when announcing their expansion plans for 200 new markets in an attempt to get ahead of ESPN+. With 8 million subscribers spread out across the globe, DAZN is corralling their people and resources to beat ESPN+ as both services are racing to sign-up streaming customers around the world. By having an established international base customers compared to the US only customers base held by EPSN+, DAZN believes that it can make the sprint to increase its marketshare by using its first mover advantage and moving faster than their competitor.
Do you have a competitive advantage? If so, what are you doing to protect it? If not, what would it take for you to get one? The problems being solved in the market are always the same but the manner in which a business solves them evolve and change. Finding or maintaining your competitive advantage means looking for the small openings in the market to add more value to your customers’ experience or to add more value to the products and services that your business provides. A competitive advantage is worth the work it takes to get one.