Steemit, EOS, Competition and why the "First Mover Advantage" Might Save Us!

Whenever you have a system that draws widespread attention and enjoys some popularity, you are also going to get your inevitable horde of critics.

Steemit is no exception to that: People criticize the rewards system, bid bots, spamming issues and a host of other things that might "kill" the community.

Nothing strange about that; it's not unique to Steemit!

The "Danger" of Competitors?

As of late, I have seen a lot of "chatter" about EOS — because it's "going live" — and how a "Steemit clone" on the EOS blockchain might "kill" this community... because we have so many issues here, and they could have solved them there. 

The idea of a competitor is mostly talk, mind you, and draft versions of any such thing have pretty much been discarded as jokes... so far.

Recently @donkeypong wrote a piece on withdrawing support for EOS content, as well as Steemit witnesses materially involved in the EOS project, specifically as "block producers." Naturally, this stirred up some strong feelings.

Whether this form of "double-dipping" by key Steemians — namely top witnesses — is a bad thing aside, there's no doubt that Steemit (as a venue) can't afford to be complacent about its forward path, under any circumstances. No business can. It's not specific to Steemit. 

The First Mover Advantage

There's a somewhat well-know economic/marketing theory called "The First Mover Advantage."

It essentially suggests that the "first mover" (in this case Steemit) to move into a market niche enjoys certain benefits that — theoretically speaking — makes it more resistant to competitors.

Moreover, the longer you get to live in that "pioneering" spot, the more solid your position becomes. In Steemit's case, we're at two years and counting, which would be considered "ages" in the fast moving web environment.

Again, let me reiterate that it's a somewhat marginal effect, and that it's not an advantage that allows you to be "asleep at the wheel," so whatever is planned at "top levels" at Steemit still needs to be implemented with diligence!

Why This Might be Significant for Steemit

There is definitely criticism of the "First Mover" theory, and every time it is brought up, someone comes forth with research and proof of exceptions. And that's fair enough.

But you also have to look at the types of ventures this is applied to. And the psychology behind them... and their users/customers.

For example, in spite of their enormous resources and thousands of talented developers, Google was unable to get Google+ to significantly put a wrinkle in Facebook's social media market dominance. 

In Steemit's case, the thing we have going for us is one of the central attributes of Social Media and blogging: "Stickiness." Bloggers and content creators are a funny bunch... the more hours and time they have invested in creating content on a platform, the less inclined they are to leave... even if alternatives show up. 

The more TIME and SWEAT EQUITY people are putting into building their Steemit "spheres of influence," the less likely they become abandon all that work in favor of building something new... and the clock keeps ticking. 

For example, for every additional week I spend here posting and engaging... the more a potential Steemit competitor looks like "an interesting diversion," rather than "I can't wait to jump ship!"

And that's going to keep building, every day.

"Dabbling" Doesn't Work!

Another interesting example I can think of is eBay. 

Over the years, the online auction giant has been subject to endless gloom and doom talk from their millions of sellers... and how eBay will be "doomed" the moment someone creates a viable competitor.

Actually, in their 20-year history, lots of eBay competitors have sprung up... and vanished again.

eBay still stands, and still leads the market. Why? "Stickiness."

Whenever a competitor comes along, those complaining sellers who would be so quick to leave always end up back at "Yeah, but I already have all my stuff here, and my customers expect to find me here, and I already have a substantial reputation here..."

And sure, they try the new "alt" site... but they only "dabble." And dabbling is not enough to build a success... so the half-hearted attempt doesn't actually work... to they come back to their "first mover" venue.

Steemit is — in my opinion — quite a lot like that. Every day we add a little more, become a little more invested, build a little more following, build a little more solidity, a little more reputation.

And here's the interesting — and typically unexplored and unexplained — side effect: 

The ones who DO "jump ship" are typically those with the lowest commitment level, looking for the "easiest results!" In other words, not the most dedicated hard workers. 

Guess what that DOES for the "new" competitor? They end up with all the least loyal people... the ones most likely to "jump again," the moment some other option shows up! Meanwhile, back at the "First Mover" venue, the community is almost happy to be rid of them!

Of course, these are sweeping generalities, not specifics. But it's still something to keep in mind!

How about YOU? How is your loyalty level? Are you likely to "jump ship" the moment an alternative presents itself? Or would you only "test the waters" with a new possibility? Do you feel "invested" in the workd you have already done, or does "starting from scratch again" not bother you? Leave a comment-- share your experiences-- be part of the conversation!

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(As usual, all text and images by the author, unless otherwise credited. This is original content, created expressly for Steemit)
Created at 180602 10:17 PDT