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First Movers
They are Initiators who make the first moves in the direction of potentially setting up an engagement in Sustainability Implementation meaning they have a long-standing commitment and in-depth experience with the engagement in SDGs and perhaps have already organized, participated or fostered awareness of their Action. They firmly believe that join in collective action is the right approach to face existing gaps in 2030 agenda achievement and that can only be solved cooperatively alongside committed peers and stakeholders.
By placing sustainability at the heart of business growth plans, business leaders can capture ‘first-mover’ advantages
A First Mover is a key stakeholder actor that can be companies, business associations or NGOs. Governmental entities, business schools and public sector organizations can also be “first movers.”
Benefits of being a first-mover
Positioning yourself as a first-mover provides a number of benefits, including:
• Extensive supplier options
• When your organization is the first in the marketplace with a new product, your company will often have an extensive list of suppliers to work with. You can negotiate exclusive contracts with the best manufacturers and other supply chain providers to ensure a cost-effective model that provides customers with a high-quality product.
• Defining industry standards
• As the first in the market, your product, and the manufacturing practices you establish, will set the industry norms as other businesses enter the marketplace. Rather than relying on standards set by another company or working within the confines of a pre-established market, your organization will define the manufacturing and marketing practices for your segment.
• Developing retailer relationships
You'll build excellent relationships with a wide range of retailers as the only company in the market with your product. The more popular the product is, the more stores will want to work with you and feature your product on their shelves. When competitors enter the market, you'll already have a solid position within the retail framework.
• Increased brand recognition
Customers will quickly learn to associate your brand with your product since it will be the only one on the market. Brand recognition often leads to increased sales and the development of long-term customer relationships.
• Establishing economies of scale
Depending on the industry, the first few months of production can be costly until your organization has found the most efficient and economical way to manufacture your product and bring it to market. Being the first in the marketplace gives you time to mold your micro-economy and establish a cost-effective system before any competitors enter the sector.
• Defining customer loyalty
Some industries or products produce loyal customers due to the initial investment in the product.
First Movers Needs
• Implementation of Sustainability Criteria based on Resources
• have a good reputation from an integrity point of view as well as capacity as an “influencer”
• must be able to effectively take the first steps in reaching out, persuading and convening other key stakeholder actors that might be interested in sustainability matters.