In the business world, competition drives innovation. However, few companies can flower brilliantly on the barren land of competition by implementing unique and innovative marketing strategies.
Let us take two examples of brands to illustrate the same.
• McDonald’s: The fast-food chain has been battling with Burger King since the late 1950s. This led Burger King to continuously introduce new styles and recipes of hamburgers. Nonetheless, McDonald’s continues to dominate at all social media fronts with twice as many customers as Burger King. This is because Burger King focuses more on the food while McDonald’s has a more activist approach towards marketing. McDonald’s seems to put more emphasis on culture and happiness in their Facebook and Twitter feeds.
• LUSH: LUSH is just another make-up brand like Sephora or Easy, so what makes it different? All products from LUSH are handmade. The marketing strategy of LUSH is simple. They believe in selling a product instead of an “image” of how beauty should look like.
As you see, marketing is more than just launching product innovations or website designs. Often a unique marketing strategy is what attracts customers, more than the product itself. Many times the market changes with the surrounding environment.
For example, during the pandemic, many airlines like SpiceJet were shut down and a huge market was diverted to Zoom and other online video conference apps instead. Many lipstick brands are no longer used anymore due to the heavy use of face masks.
In conclusion, competition between brands might start with the intention of them tearing each other apart but a rivalry often benefits both parties. Hence at the end, everybody wins!