While reading this article (How To Manufacture Desire), I saw an interesting claim: “first-to-mind wins”.
When compared to the usual push to be first-t0-market, I think it’s an important distinction. There’s no point in being first, if you aren’t addressing customer needs.
The product offering that does the best to solve user problems, to address customer needs, or to be built for a customer segment will be the one that people instinctively reach for, regardless of who came first.
So instead of ‘fail fast’ as an approach, I would recommend a more measured approach, where the effort is spent in building a solution that people love, and will think of in preference to any other option.