The grass is always greener on the other side, right? Well, it may or may not be but a peek across the fence is always worth it, whether you’re engaging in some friendly landscaping competition or a longstanding corporate rivalry. Two questions you will always consider regardless of what end of the rivalry spectrum you are at are: What are THEY doing? and What should I be doing (that they are not)? These two questions transcend anything in business including products, strategy, service delivery, and even marketing. Furthermore, regardless of what the answer to the question might be you will always fall into two distinct categories, you either lead or you follow. So which should you do? There are advantages to both, so lets explore.

Firstmover Advantage

So what’s to gain when departing from the norm?

• First and foremost you will set yourself apart by simply being different or going somewhere where others have not. For example, if you decide to use an alternate marketing strategy, possibly social media, an avenue which your competition hasn’t explored yet, the mere fact that you’re first might mean that you’ll be the recipient of increased buzz and hype around your brand, as well as having access to a whole host of new opportunities that your competition does not. The act of simply going first and doing something no one else has, good or bad, can do a lot for your brand and brand recognition.

• Secondly, if you lead the way it is highly likely that you will fill a need that currently isn’t being met, whether it is apparent or not, as may be the case with social customer service. Your competitors might be holding back for all kinds of reasons, but as this space is ever growing – and if you’ve taken the time to listen and know that your customers are asking for assistance on these networks – you can rest assured that you will add value when venturing into this area

• Finally, as an innovator you will deal with change much easier than those organizations that are consistently holding back. By overcoming one hurdle you will be closer to and prepared for the next, which will translate in your organization being more adaptable and fluid which is a trait that is becoming ever more important in a world were consumers, economics and technology are ever changing.

Wait and Learn

Alternatively, if you would rather keep an eye on the competition and hold your horses before making changes you’ll find some valid reasons for doing so.

• One advantage to holding back while checking on the competition in order to understand fully what they did, how they did it and how it was received is that you can adapt what worked and easily leave behind what didn’t. You’ll be able to learn whether to follow suit or not and as a matter of course won’t take as great a risk when doing something differently, if you’re going into it knowing that it worked for your rivals.

• This might be an obvious one but if you are comfortable with the status quo then you may not want to run the risk of getting it wrong by trying something new. As with anything, change doesn’t mean that you will always get it right so holding back might be a better choice for you until you are comfortable enough – having observed the competition – to make your move.

• Last but not least, doing something first without having the ease of checking on the competition to see how they may have fared will often mean that you use/waste more resources. Whether it’s time or money, when you’re exploring a new frontier and you do not have a benchmark you will need to invest in both much more heavily then you would have to otherwise.

So there you have it, ultimately and as with anything in life there are pros and cons and the same goes for being first or second or even third. On the other hand there is also a saying that goes something along the lines of ‘no guts, no glory’, and being a pioneer and learning as you do will go a long way in creating buzz and brand recognition, strategic agility, as well as being seen as an industry leader, as opposed to being the ‘second’ to have done something ‘quite well’.

So, where do you fall into this spectrum? Would you rather jump in headfirst? Or wait until someone else tests the waters for you? Have you experienced either scenario in your business strategy? Please share your thoughts and comments below.

Tags: Competitive Intel, Social Media, Social Media Monitoring