Sunday, March 30, 2008
That's your problem -- Defining your industry as say "Media" is too broad and not specific enough. Taking the opposite approach would be more advantagous to your company in the shorter and longer term.
For example, spinning off a unique sub-category of "advertising" will yield far better for your brand than broadly trying to encompass the concept of "media", which has already been divided and sub-divided into many distinct categories (err... industries) in the minds eye of the consumer.
Much easier to divide and sub-divide your market indefinately than it is to collapse it all together under a single brand, which is what you may be trying to do. Don't.
Even if consolidating your industry is what you're ultimately driving at, you must know that a market can't be collapsed under a single brand until you own numerous positions within that market.
It can't be an accelerated process and it takes an extremely savvy strategist at the helm to execute. It's highly doubtful even the Big Two-or Three in your industry have this person, yet it's the kind of undertaking you should fear most by your competitors.
Vast resources and mass market acceptance has placed your industry's top-guns in the enviable position of being able to deploy customized solutions as and when new market opportunities crop up. Before less developed companies can organize a response, big companies have subsumed all viable niche opportunities into themselves. Sadly, the majority of advertising agencies operating today belong to but a handful of holding companies whose evil purpose it is to control everything.
Small businesses like yours have no such initiative of scale. Fortunately for us guys, most attempts by large companies to consolidate the market in such a manner fail. Despite succeeding in advertising, trying to concentrate on too many targets usually leads to hitting none. Therefore your marketing mandate is to deliver a more complete argument to narrower audience.
Your absolute best chance of dominating anything is to paint yourself into a corner. Stake out a niche and own it. Do everything in your power to make competition with you impossible. You can't succeed in that if you're trying to be everything to everybody--you must patiently cultivate authority and trust within a small crowd possessing well-defined consumer needs. Only after you own your segment totally can you think about encroaching on someone else's.