Talking About Your Competition
The "Pepsi Challenge" was a legendary marketing promotion in which regular people blind taste test one cup filled with Pepsi and another with Coca Cola. ~ Business Insider
In 1975 (long before many of us were even born) Pepsi hit on one of the most brilliant marketing strategies ever created. They introduced The Pepsi Challenge, with the sole intent of knocking Coke, the 800 lb. gorilla, out of the ring.
And it worked. The blind taste tests that were occurring throughout malls across America resulted in people picking Pepsi over Coke an overwhelming amount of the time. Coke was on its heels. They came out with marketing that called the Pepsi Challenge fake, they played defense for the first time in their history.
In fact, they played such strong defense that they decided to change the formula or coke to taste more like Pepsi.
We all remember “New Coke”.
And how much it failed. Few remember that New Coke was the direct result of the Pepsi Challenge, where time and time again people were choosing Pepsi over Coke.
What lessons can we take from the Pepsi Challenge and apply to our businesses today?
Even though Pepsi put Coke on the defense for a minute, Coke remains the champion in the soft drink world. Coke responded with a lot of emotion to this ad campaign. They didn’t need to, they really just needed to maintain steady state. So, if your competition is calling you out, enjoy the free advertising. If you’re about to start naming names (or even implying competition) in your content strategies, avoid it. Don’t talk shit on the competition to make yourself look better.
Understanding the strengths and weaknesses of your competition (all of your competition) is a very strong play for your business. So few businesses take advantage of looking for the gaps in what is being offered or how products/services are being marketed. Find the edge and insert yourself into it. Exploit it.
Be authentically yourself. Coke changed its formula over a competitive ad campaign. What they failed to realize was that people were so attached to being Coke drinkers (it was an identity for people) that they were not going to change brands even if they thought that Pepsi tasted better.
Talking about your competition can be a dangerous play for small business owners. Focus on the problems of your ideal customer, not on the weaknesses of your competition.
xoxo
Julie
Unfiltered Business Advice & More Laughs Than Your Mom's 'Accidental' Texts to the Group Chat