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1-Page Summary of Eating the Big Fish
Overview
From there, cut away all the marketing activities that won’t help you achieve those goals. You will be left with only two actions to invest in for maximum return.
These days, you see a lot of the same stores on major streets in cities all over the world. For example, there are Starbucks and H&M stores everywhere.
It can be difficult for new brands to market themselves because they are constantly being overshadowed by huge companies. It’s especially hard for smaller companies, which need to use innovative strategies in order to stand out and succeed. However, it is possible for them to succeed if they respect certain principles and keep some useful strategies in mind.
The following are the main points to remember:
Create a strong identity for your brand
Identify what advantages you have over established brands
Learn how even cleaning products can be turned into something trendy.
Big Idea #1: Leading brands are formidable, but new brands can still pose a threat.
When you were in school, did you ever compete with your peers over grades or in gym class? If you did, this competitive spirit probably led to a situation where someone else always had an edge over you. In business, there are similar situations where people have the upper hand because they’re more talented and ambitious than others.
In business, there are two types of brands: the leaders and the challengers. The leaders have a clear competitive advantage over the challengers because they’re established firms with higher profit rates than those below them.
For example, a study of European brands by Profit Impact of Market Strategy found that the return on investment for leaders was 40 percent while it was 26 percent for second-ranked brands.
In the United States, companies that are leaders in their industry tend to have higher profits. They invest more money and make even more profit. Being a leader is not just about being #1; it’s still good to be number 2, 3 or 4. Just take the American car rental service, Avis (a brand known for its slogan “We Try Harder” ). The company knew it wasn’t the leader in its industry; it was clear that their fierce competitor Hertz held that title.
Hertz was a dominant leader in the car rental industry, but Avis used an amazing advertising strategy to climb into second place.
Challenger brands can make great strides by being innovative. For example, they might need to work harder than some of their competitors, but they will reap the rewards of doing so.
But before we look at the challenges brands face in today’s market, let’s take a closer look at their obstacles.
Big Idea #2: Challenger brands are having a hard time competing with the competition in today’s marketplace.
When people are stressed, they tend to stick with what’s comfortable: their favorite restaurant, their most worn-out T-shirt and the album that’s been stuck on repeat in their headphones. However, this can be detrimental for new businesses trying to attract customers because it’s harder for them to capture attention than before. For instance, we text on our way to work, use our cell phones at work and take them out of our pockets while listening to the radio or reading blogs. In short, we’re busy – so much so that even a 2006 study found 36 percent of texting occurs in front of the TV. That means challenger brands have an uphill battle when competing against all this information flow; it’s not one business owners should underestimate.
However, this project is made even more difficult by the fact that people feel stressed out and prefer to be left alone. As such, they’re sure to avoid ads and other distractions when they need time for themselves.
