First-Mover Advantage

✅  Related keywords: market-access, loyalty, product innovation

📖  What is First-Mover Advantage?

The advantages of being the first to market in a new product category. Advantages include capturing a large market segment, customer loyalty, and ensuring brand-name recognition. First movers in a new market often maintain the majority of the market even after competitors join them. An example of a successful first mover is Kindle, the first e-reader, which gained massive customer loyalty and brand value.