“Fast follower” is a term used in marketing circles to refer to a company that moves quickly to do what its competitors are doing, or to do what one specific, extremely innovative competitor is doing. But I’ve never really liked the idea of
Posts Tagged ‘competition’
Don’t Be a Fast Follower. Don’t Be a Follower at All!
Tuesday, July 5th, 2022First Step in Beating the Competition? Figuring Who They Are!
Tuesday, June 28th, 2022
Identifying the key benefits that answer the question of WIIFM (“What’s in it for me?”) for your customers and prospects, the first step in writing compelling copy. The second is positioning what you have to offer relative to what your competition has to offer.
In considering your competition you need to (more…)
Marketers Must Have Good Products But Sometimes Good Isn’t Good Enough
Tuesday, August 10th, 2021
Not many people remember a product called Zima, and that’s the point of this post. As a marketing professional, I’ve always been interested in new product introductions and advertising campaigns in general— how well do they work? how long do they “run” (suggesting that the positive effects are continuing to produce results or, if nothing else, that the agency and client haven’t “pulled the plug” prematurely).
In addition, as someone who is not a “beer drinker,” I was interested several years ago when a new product was introduced—Zima—a beer-based beverage that was supposed to be light and refreshing. Hmm. Sounded interesting. The campaign was extensive, attention-getting, and effective—to a degree. It raised awareness. It generated preference (at least initially). All was good. Right? Wrong. (more…)
Creating a Competitive Positioning Matrix
Friday, June 12th, 2020
Every business has competitors and needs to successfully position itself against those competitors to succeed in the marketplace. Creating a competitive analysis matrix can be a good way to help you identify areas of opportunity for your business and its products and services. Here we show you how.
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Tesla Charging Stations: Real-World Example of Barriers to Entry
Tuesday, February 26th, 2019
by Justin Grensing, Esq., MBA
Tesla, the electronic vehicle (EV) company headed by high-profile billionaire Elon Musk, is a fascinating organization in many ways. The media has recently been excited about the company’s back-to-back quarterly profits. Despite the company operating in the red for so long, observers love to root for the revolutionary company. It’s also interesting to look at Tesla from a business strategy standpoint. For example, Tesla is widely recognized for the way it generates intense customer loyalty. (more…)
Companies Need to Make Sure Everyone, from the CEO on Down, Recognizes the Impact of Their Words
Wednesday, August 8th, 2018
In a highly publicized conference call, first reported by Forbes, Papa John’s founder John Schnatter used the “N-word” during a discussion between Papa John’s executives and marketing agency Laundry Service. What followed was weeks of turmoil where Schnatter first stepped down as chairman of the Papa John’s board of directors, then said his decision to step down was a mistake, and then filed a lawsuit against the company he founded for what he describes as the “heavy-handed” way he was treated. The company’s stock has (more…)
Iterative Innovation: Improving Upon Competitors’ Ideas to Build Value for Your Customers
Tuesday, December 19th, 2017
When facing competitors, there’s an old saying that goes, “If you can’t beat ‘em, join ‘em.” In other words, if you aren’t able to overcome your rivals, you’re better off cooperating with them or joining their side in the hopes that you’ll gain some sort of advantage. In the business world, a better saying might be, “If you can’t beat ‘em, copy ‘em.” (more…)
Competing with the Big Guys: Leveraging a Narrow Niche, the Personal Touch and Agility
Thursday, June 1st, 2017
Whether you’re a startup looking to break into an existing market, or an existing business looking to branch into a new product or service line, it can be intimidating to survey the competitive environment and find yourself potentially face-to-face with behemoth multinational corporations and Fortune 500 companies. While a mega-competitor could, theoretically, direct its massive resources into forcing out an upstart competitor, there are some ways to compete by exploiting the advantages small can have over large. (more…)
Is Your Business at Risk From the Threat of New Entrants?
Thursday, April 20th, 2017
Any business school graduate has probably had a healthy dose of Michael Porter’s Five Forces, and for good reason. The framework is a great way to look at the competitive landscape. Porter’s framework is designed to look at the competitiveness of a particular industry, as opposed to companies within that industry. For example, you might use the framework to determine the attractiveness of starting a soft drink company, as opposed to investing in PepsiCo versus The Coca-Cola Company. We’ve provided a broad overview of the tool in the past, but we’ve recently been taking time to look at each individual force in greater detail. Today, we’re diving deeper in the threat of new entrants. (more…)
The Power of Suppliers: Are You At Risk?
Tuesday, April 18th, 2017
Michael Porter’s Five Forces framework uses industrial organization economics to evaluate the attractiveness of an industry based on the overall level of competition within that industry. The more competitive an industry, the lower profits will be. Conversely, an industry with little competition is likely to be more profitable and, therefore, more attractive. We’ve already written on the Porter’s Five Forces generally. Now we’re looking at each of the forces individually and in greater detail. Today we’re taking a closer look at the supplier power. (more…)
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