May 2007

We've all heard the story of the tortoise, the hare and their fabled race. The quick rabbit jumps to a huge lead only to be outdone by the steadfast, persistence of the turtle. It's a great story. I believe we can learn much from both animals when applying their strengths to the world of brand-building.

It seems that every industry is ripe with competition that turns the marketplace into a race for market share. We see it on the national scene. We see it on the local scene. New competitors strike aggressively--sometimes with new angles and products; other times with wheel-barrow loads of advertising money with the strategy of simply buying market share.

How do you stave off such aggressive strikes? How do you combat a competitors new product? How do you respond to competitors that are attempting to buy market share by simply outspending your company? Good questions. Here are a few suggestions:

New Products & Angles

Let's turn to our friend the rabbit to answer this question. A lightening quick start is usually quite helpful. After all, being first in the market is one of the keys to building a solid brand position. At times, competitors introduce new products that give them a clearly defined advantage over the previous models. The possibility of this happening is no revelation. Most industries are moving forward. They are progressing and not stagnate. Companies where technology is evading old products and rendering them obsolete need to find adaptation strategies. They need a jumpstart that allowed the hare to build a fast lead over the turtle. Kodak, a company known primarily for it's film-based cameras, was left at the starting line when digital technology revolutionized the industry. Kodak actually struggled somewhat in entering the digital era. Digital photography has severely threatened the older technology and subsequently the companies known for such. At these times more than others, it is of prime importance to keep a eye on the marketplace as seen through the customer. Customer Surveys and Focus Groups can be utilized to tap into the possibilities in the market from a consumer's point of view. This jumpstarts the research and development needed to stay relevant to the market and maintain the brand's vitality within the target audience. How these findings fit into your business model is another question all together; however, you are at least in a position to know where the market, and its various competitors are moving. This can give a company the fast start in the race for market share. 

Warding off the Big Spenders

You've heard the saying, "Give me a few million dollars and I'll give you a brand." Very true. But, what if you don't have a few million dollars to throw into a brand-building project? How do you compete in a marketplace where competitors are simply buying market share and building a brand with great infusions of cash? First of all, let's call in another famous saying, "Don't worry, be steady!" Okay, maybe the old adage was actually "Don't worry, be happy!" from the famous 1988 song. The point is persistence. The tortoise provides a  prime example of the success that comes from persistence. Being steady and consistent under fire will bring happiness while stabilizing market share. Consistency and Continuity are more vital than ever in today's competitive marketplace. Yes, maybe competitor(s) can pump huge investments into advertising. Maybe their local budgets are $2.00 for every dollar you spend, but you can be steady and consistent in message and theme and, in time, carve out a strong brand identity in your industry. Sound continuity and consistent themes within a creative framework over time will help combat the big spenders. Yes, goals may need to be adjusted to compensate reality and it may take a little longer to build solid brand awareness, but take heart. After all, it was the tortoise who won the race with his steadfast persistence. Be patient. Be courageous and stay true to your brand identity--then relay that identity with consistent messages that help create your own niche within a competitive industry.

Sometimes the marketplace is indeed ripe with aggressive competition. Opposing companies introduce new technology, new products or spend aggressively, all in an effort to garner your share of the market. We can learn much from the tortoise and the hare when it comes to battling such opposition. Just remember to get a quick jump on the competition by staying connected to your consumers in an ever-evolving marketplace; and, like the turtle, be persistent with consistent thematic messages as well as your media of choice.  © BrandVision Marketing. 2007. Scott Trueblood. All rights reserved.

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