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Never Ignore The 800 Pound Gorilla

12/04/2012

6a00d834524eb469e200e54f5d2ecd8833-640wiIn today’s ultra-competitive market established brands, often small to mid-sized businesses, are finding themselves dealing with yet another threat. The 800 pound gorilla. Not the jungle-living kind of gorilla. The mega-brand, throwing its weight around kind.

The saying “you’re either growing or dying” is especially true today and it holds for businesses both large and small. When a mega-brand begins eyeing your niche market there’s a good chance they are looking to squeeze your brand out.

For small to mid-sized brands, many who have built a good business over the course of 20 or 30 years, the prospect of being squeezed out is terrifying.

But your brands’ demise is not inevitable. For sure mega-brands have the wind at their backs, huge ad budgets, loads of smart employees and, most importantly, a loyal customer base. What they don’t have is expertise in your space. Earlier in time you didn’t either. But now, after years of operating in a niche you have accumulated valuable first-hand experience that is transferable into profitable, efficient growth.

Business is a moving target. Customers’ tastes are evolving. It’s time to dig into your idea box and launch something new. It’s time to stand out.

Having a handful of solid ideas is a great start to clearly identifying what opportunities your brand can pursue to make it stand out in the marketplace. But now it’s time to hone in on ones that show the most promise.

The evaluation processes is complicated. Every concept is different and every organizational context is different. To make this process easier, it’s imperative to go through a screening process. The screening step will help you better determine which ideas actually have legs, and requires you to answer three questions:

Is there a market for the concept? You have to be able to forecast the changes in the market as precisely as possible and determine whether your idea is strong enough to influence and shift customers buying habits.

Can we compete and win? If the idea has the support of top management, fits perfectly with your company’s overall strategy and can create synergy within your organization, then perhaps it warrants some serious attention.

Will a market leadership position win? An overcrowded market is ripe for fierce competition. Analyzing your competitor’s strategies is the best way to ensure your company’s lead in the market. Timing is everything, Never over-estimate the power of competitive analysis.

Clear headed thinking is imperative. The stakes are high. The opportunities are equally high.

When the 800 pound gorilla comes sniffing around your turf it’s time to dig into your idea box – pronto. Executing new ideas takes time and you may not have the luxury of a lot of time. So get crackin’ and propel your brand to the new levels of success!

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