Definition of Followership

✅  Related keywords: first-mover advantage, market entry

📖  What is Followership?

Following the first mover into a new industry has multiple advantages and disadvantages. Firstly, the follower or second mover does not have to use as many resources as the first mover on educating consumers on the product. They can also learn from the experience of the first mover. However, they will often not earn as much market share as the first mover. Successful followership stories include Kellogg’s and Coca Cola.