It’s no secret how industry Goliaths bypass challenges: they throw money at them.
No product promotion or PR nightmare is outside of their price range. For challengers, the solutions aren’t so simple. They must rely on their wits, agility and creativity to sidestep adversity and snatch their market share from the grips of category leaders. As an empowerer of challengers, we’ve identified five secrets these gutsy companies use to win without a bottomless pit of capital to dip into.
Secret One: Piggyback on Existing Brands
If you’re the new kid in school, how do you make sure your peers think you’re cool? You find a popular person you have something in common with and you befriend them as quickly as you can! That’s exactly how online mattress challenger Leesa Sleep found its way into the bedrooms of thousands of consumers around the world.
By partnering with West Elm, a company synonymous with high-quality and tasteful home decor, Leesa Sleep went from a relatively unknown web brand to a trustworthy mattress competitor almost overnight. In addition to benefiting from West Elm’s glowing reputation, they also gained access to a lucrative market segment and put their product in front of potential customers without bearing the expense of a brick-and-mortar store.
Of course, Leesa Sleep isn’t the only brand with something to gain from this partnership. West Elm receives a portion of the mattress sales and the residual goodwill from working with a B Corp—a company that meets rigorous standards of social and environmental performance, accountability and transparency. If you’re a challenger, it’s time to find your popular kid.
Secret Two: Tap Into Pop Culture or News
Between social media and a 24/7 news cycle, change is inevitable. This is bad for big brands that maneuver with the grace of an ocean liner, but for agile empowered challengers, change leads to golden opportunities. That’s exactly what happened when a hungry fan asked Wendy’s how many retweets it would take to receive free chicken nuggets for a year.
By playfully responding, “18 million,” the #NuggsforCarter challenge was born and Wendy’s received millions of free social impressions and a Twitter World Record in the process. Had Wendy’s been too preoccupied with their square hamburger patties and earnings reports to care about their customers, they would’ve never been part of one of the most powerful social movements of 2017—and Carter would still be paying for his chicken nuggets.
Secret Three: Put a Spotlight on the Underdog
If you look at the C-Suite of companies from Silicon Valley to Wall Street, one thing is usually missing: women. However, very few brands acknowledge this problem. To buck this trend, State Street Global Advisors created an investment fund made up of companies with women in high-ranking positions. It was a revolutionary solution that required an equally courageous promotion.
Cut to Fearless Girl: the bronze, 50-inch-tall child who dared to stare down the Wall Street Bull on International Women’s Day. Fearless Girl may have started as an ad, but by shining a light on an underserved portion of the population, it became a symbol for half of the world’s population. Some experts estimate the statue is worth $7.4 million in free publicity, but we believe a triumphant underdog is priceless.
Secret Four: Leverage the Megaphone of Your Biggest Advocates
When Andy Warhol prophesied, "In the future, everyone will be world-famous for 15 minutes," even he couldn’t have anticipated the impact of YouTube and Instagram. These social channels have made it possible for anyone with a smartphone and a complete disregard for privacy to become celebrities. For empowered challengers, this is a good thing.
By getting your product into the hands of a social influencer, you are putting your brand in front of a horde of lifestyle-hungry followers who will try anything your spokesperson promotes. Case in point, Kylie Jenner. From detox supplements to teeth whitening devices, she has skyrocketed brands from undiscovered to out-of-stock with a single post. But if you don’t have $400,000 to pay for a Kylie Jenner endorsement, you’re in luck; there are plenty of lesser-known advocates with equally loyal fans you can contact.
Secret Five: Steal Like an Artist
If you’re familiar with Austin Kleon, rest assured, this is not plagiarism. It’s more of a homage. In his best-selling book, Steal Like an Artist, Austin reminds us that there’s no such thing as original art. Every artist steals and that’s okay, as long as you steal the right way. Brands can do the same. Take Cuvée Coffee, for example.
One day while drinking a bottle of Left Hand Milk Stout Nitro, Cuvée CEO Mike McKim had an epiphany: he could do the same with cold brew coffee. Mike had tasted cold brew served from a nitro tap, and he had sipped nitro stouts from a can, but he had never heard of a company trying to package nitro coffee. By stealing like an artist, he took a common practice of the beer industry and turned it into a competitive advantage for his business. Don’t be afraid to look outside your market and steal inspiration.
The Secrets Are Out
Now that you know how empowered challengers make the most out of their resources, it’s time to start putting these secrets into practice. Piggyback on an established brand, tap into cultural trends, embrace your underdog status, find an influential advocate or steal like an artist. You’ve got plenty of tools at your disposal, and if you need help deciding which one is right for you, our door is always open.
Sign up for our Brand Positioning bootcamp today.
Photo by Oleg Laptev
