Orkut is no more, and at one time, it was the first social network to introduce socializing online in India. So much so, that every college student and elders were hooked on to it. Without Orkut, India would not have been introduced to social networking and neither would they be so crazy for Facebook. Orkut was the reason for introduction of social networking to India. So what marketing lessons have we loved from the introduction the closure of Orkut?
1) First movers can lose the advantage - Orkut had the first mover advantage. Hence the popularity of Orkut. At its prime, the website would have earned more than was expected from it, hence it was purchased by Google later on. But because of more innovative ideas and presentation, Facebook took over the social networking world by storm. So first movers do have their advantage, but the advantage can be lost by more effective competition. [Read more...]