Welcome to this week’s Friday 5! Here’s a list of the top 5 ways to spark new marketing ideas, via Matt J. McDonald. Check out this question:
Is it better to be the first or be the best?
We hear a lot about "first mover advantage". That’s the idea that the first business to enter a market can gain control of resources, such as locations, trademarks, patents, reputation, profits, employees and so on. But is it impossible to enter a market when you’re not the first entrant? Of course not.
When I started my marketing consulting business, there were already many marketing consultants in Vancouver. Almost all of them had more experience, more education and more established reputations. But I recognized that I could offer:
- specialized skills — my knowledge of the high tech sector
- low overhead — I could turn a bigger profit than established marketing agencies because I ran my business from home
- quick turnarounds — I was new to the market, so I could take on "rush jobs" or flip projects overnight
- services for small businesses — whereas other consultants were targeting big companies, such as telecommunications firms and banks, I focused on startups and small businesses
Today, I’m a well established player in the Vancouver marketing consultant scene and beyond. If you think you can’t get into consulting because it’s all been done, don’t be so sure.