It's better to be first than it is to be better.
Many people believe that the basic issue in marketing is convincing prospects that you have a better product or service.
Not true. If you have a small market share and you have to do battle with larger, better-financed competitors, then your marketing strategy was probably faulty in the first place. You violated the first law of marketing.
The basic issue in marketing is creating a category you can be first in. It's the law of leadership: It's better to be first than it is to be better. It's much easier to get into the mind first than to try to convince someone you have a better product than the one that did get there first.
You can demonstrate the law of leadership by asking yourself two questions:
1) What's the name of the first person to fly the Atlantic Ocean solo? Charles Lindbergh, right?
2) What's the name of the second person to fly the Atlantic Ocean solo? Not so easy to answer, is it?
The second person to fly the Atlantic Ocean solo was Bert Hinkler. Bert was a better pilot than Charlie-he flew faster, he consumed less fuel. Yet who has ever heard of Bert Hinkler? (He left home and Mrs. Hinkler hasn't heard from him since.)
In spite of the evident superiority of the Lindbergh approach, most companies go the Bert Hinkler route. They wait until a market develops. Then they jump in with a better product, often with their corporate name attached. In today's competitive environment, a me-too product with a line extension name has little hope of becoming a big, profitable brand.
