Fast Follower
Definition
Fast Follower: A fast follower strategy involves quickly entering a market after pioneers prove viability, learning from their mistakes while avoiding market-education costs. Fast followers can improve on first-mover products, execute better, or leverage superior resources. This strategy requires excellent execution and often more capital.
Example Usage
“We watched competitors struggle for two years, then entered with a better product and stronger go-to-market. Took 30% market share in year one.”
Common Misconceptions
Related Terms
First-Mover Advantage
First-mover advantage is the competitive benefit gained by being first to enter a market. Advantages include brand recognition, customer lock-in, and...
Competitive Analysis
Competitive analysis systematically evaluates competitors' strengths, weaknesses, strategies, and market positions. It informs positioning, pricing, p...
Market Entry Strategy
Market entry strategy defines how a company will enter and compete in a new market—including target segments, positioning, pricing, and channels. Entr...
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