HUNGRY. The Strategy to ESCAPE Competition and Build Creative Monopoly for Challenger Food and Drink brands - Alex Smith
10 snips
May 22, 2023 AI Snips
Chapters
Transcript
Episode notes
Create, Don't Answer
- Challenger brands should create needs instead of answering existing ones to escape competition.
- This involves selling to a dormant market that doesn't yet realize its need for the product.
Oat Milk Revolution
- Rude Health and Oatly successfully created a new need for oat milk, expanding beyond the existing niche market.
- This strategy opened up a much larger market by attracting consumers who didn't initially want oat milk.
Serendipity Over Strategy
- Focus on product development and market testing in the early stages instead of extensive strategic planning.
- Observe market feedback to understand the actual value proposition and adjust your strategy accordingly.