Often, it's enough -- and a brilliant marketing tactic, even -- to imitate your rivals and then add a few tweaks. Consider the case of Pandora Premium: Pandora waited until Spotify and Apple Music's paid streaming services were vetted by a discerning -- and vocal -- public. By the time Premium launched in March, Pandora leapfrogged over the issues plaguing its competitors, solidifying itself as a smarter, less-glitchy solution for music lovers, thanks in part to what it's calling the Music Genome Project. Pandora used imitation and a delayed launch to woo paid streaming-service users with the promise of a more personalized experience. Imagine this: You, and everyone you know, is excited about a new gadget's release. And the company that has waited would certainly make sure that when its product comes out a month later, its battery is fully charged. Regardless of the solution they eventually offer, entrepreneurs who hang back can avoid early fatal flaws that interrupt fantastic consumer experiences. Social media is a not-so-secret listening channel. What seems too technology-driven and not practical enough for the average user? As you read through social media posts and dig into articles on your competition's products, figure out where things went awry.
Imitation, they say, is the sincerest form of flattery. It’s also a common tactic in savvy product-makers’ arsenals.
While most inventors would love to create something completely new, that’s not always necessary. Often, it’s enough — and a brilliant marketing tactic, even — to imitate your rivals and then add a few tweaks.
Consider the case of Pandora Premium: Pandora waited until Spotify and Apple Music’s paid streaming services were vetted by a discerning — and vocal — public. By the time Premium launched in March, Pandora leapfrogged over the issues plaguing its competitors, solidifying itself as a smarter, less-glitchy solution for music lovers, thanks in part to what it’s calling the Music Genome Project.
Clever, indeed. Pandora used imitation and a delayed launch to woo paid streaming-service users with the promise of a more personalized experience. Did Spotify and Apple Music feel particularly flattered? Probably not. But Pandora won the battle all the same by waiting to pounce rather than joining the early fray.
Patience ain’t sexy, but it pays off.
This strategy of seeming to procrastinate flies in the face of conventional thought. But there’s a method to the madness — after all, even Aesop know the tortoise would beat the hare in most races.
Imagine this: You, and everyone you know, is excited about a new gadget’s release. The minute it hits the shelf, you have one in hand. Rushing home, you can’t wait to tinker with it. But your dreams are dashed: You discover its battery will take 24 hours to charge.
Suddenly, your social news feed is flooded with your friends’ posts, all voicing the same disappointment. Everyone is in a state of delayed gratification. Before you ever hit the “on” button, you have a bad taste in your mouth.
But, what if a similar gadget company has been waiting in the wings, purposely postponing a launch so its engineers or coders can read the social chatter about the competition’s latest gadget? That palpable disappointment described here would most definitely be noticed. And the company that has waited would certainly make sure that when its product comes out a month later, its battery is fully charged.
Seem like a minor detail? Not to users who would see it as an instant improvement.
This “what-if?” scenario illustrates the power of patience and observation. Instead of being first to the marketplace, being last may actually present more opportunities and stability. And this observation applies not only to companies delivering products but to those, like my own, delivering websites; tangibility doesn’t matter.
Don’t just rest easy — rest smart.
Regardless of the solution they eventually offer, entrepreneurs who hang back can avoid early fatal flaws that…
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