Speed vs. Commitment
The aspiration of most "start ups" or new adventures seem to be grasping the trophy of "first" when entering the market, but does that equate victory? It is important, you can't deny that, but at what cost? Is it worth the claim of sovereignty in the category, only to be outdone by the second to enter (ex. MySpace & Facebook)? It seems to come down to Speed vs. Commitment. Two very different worlds with different results.
Like the rabbit in the proverbial child's tale, Speed is a world where decisions need to happen fast and off the cuff. It's a sprint, not a marathon. The brand is loosely defined, visuals are "get-it-good-enough" quality, and most behaviors become reactionary, BUT the speed at which you operate is unmatched by competitors. Many amazing businesses have been built with this model.
Enter the turtle. Commitment is a world where you have to be okay with not being the first to enter a space, that's part of the risk. You're confidence comes from the promise to make the best quality product, site, book, magic jack, or new breed of puppy possible. Your strategy is constant little focused nudges in the right direction. The brand is clearly defined & differentiated and visuals are designed to perfection. Testing proves you offer more value to the customer over your competitors, plus you are fully committed to the development and sustainability of the brand. Like in chess, you patiently align all your pieces waiting for the perfect time to strike.
Both have pros and cons, but what is the best? What do you think, who wins in Speed vs. Commitment?
5 Comments
"If you were to ask MySpace's founders they would say: Speed. They made MILLIONS of $$ because they were first. If you asked Rupert Murdoch he would say, "Crap."
IMHO being first is good for the ego, but not good in the long term. Long term commitment pays off in the stock market and in the brand development space."
- @austinklee
"I wonder if vimeo wished that they had beaten youtube to the market, or some other book sales company beaten amazon. It is tough to win a battle of market share (especially when clients have to pay for you services, unlike social media) if you aren't first to the market. But then again, that is only the battle of market share that really applies to.
If you aren't first, you better have a better service. That is your only prayer really..."
- david
"Yetty, you make a good point. It is possible to have Speed AND Commitment, but Speed without Commitment is a losing game."
- Craig Johnson
"Craig, I agree. I think there is a definitely a threshold. Sometimes it may be more important to enter a category first, but not perfect, as long as you are committed to it. But entering first without the commitment is foolish."
- Blake Howard
"i think the hedgehog concept of the great companies in 'good to great' paints a clear picture of which is better. speed is nice to have but commitment is must have."
- matt