24 Ocak 2023 Salı

Book Summary - “Eating the Big Fish”

Dear Readers, 

I will share my notes from the book “Eating the Big Fish” today.

The success is impossible for a number two by following the strategy of number one. Therefore the challenger brand should have a different strategy in the market.

The audience is not an audience in today’s business life. When you are making advertisement, you suppose that the people you are targeting is listening to you. However they are not.

A challenger brand should have the following features

1- They should be the best second rank brand

2- They should be from a category other than our own

3- They should have demonstrated a period of sustained and dramatic growth.

They should have buyers, a differentiating name, symbol or trademark. They should be something that is created rather than naturally occurring.

There are eight credos for a challenger brand to be successful

1- Break with your immediate past. The problem is never how to get innovative ideas but how to get the old ones out.

2- Build a lighthouse identity. Tell the others what you are exactly doing. Build relationships with the customer emotionally rather than rationally.

3- Assume Thought Leadership of the Category. You may not be the market leader, but you can be a brand that everybody talks about.

4- Create symbols of reevaluation. The big does not eat the small every time. But, the fast eats the slow.

5- Sacrifice. To be positioned very well in the consumer minds, the challenger brand should sacrifice their target, reach, frequency etc. to be more clear in the customer minds. 

6- Overcommit. Challengers will not succeed through a philosophy of “just enough”, they will succeed by the certainty of the consistent differentiation which will require overcommitment from senior management and organisation to implement and maintain

7- Use advertising and publicity as a high leverage asset. 

8- Become Idea Centred. Not customer centered.

I wish you liked the summary. Please also read the book.