In Eating the Big Fish, Morgan explains how “challenger brands can compete against brand leaders.”
Morgan’s aims to provide a “magnetic compass” that will allow smaller companies (Small Fish) to compete successfully.
That is, how to become a “challenger brand”?
Morgan suggests that it is based on eight “credos”:
- Break with the immediate past – Forget everything you know and think again
- Build a lighthouse entity – Tell consumers what you are, don’t let them drive your activity
- Assume thought leadership of the category – Be the one that everyone talks about
- Create symbols of re-evaluation – Do things differently
- Sacrifice – Decide what you are not going to do
- Overcommit – Aim beyond the mark
- Use advertising and publicity as a high-leverage asset – Use it to enter the popular mindset
- Become ideas-centered rather than consumer-centered – Constantly reinvent to stay ahead of the trends and competition
Reading this book is worthwhile because:
- It focuses on the practical things that can be done
- It describes how to run a workshop and apply the thinking
- Most of the credos can be used to overcome organisational inertia
- It can help small marketing team do big things
- It can also help brand leaders act like a challenger to become number one
After reading this book, ‘Small Fish’ are able to answer several critically important questions:
- What is the core issue for the Big Fish?
- What business are we in now?
- What business should we be in? What are our best opportunities?
- How can we implement a Challenger strategy to take full advantage of those opportunities?
Dare to Aspire