The Brandcast

No, this isn’t the 45th thing you’ve read about “regifting”. And by the way, when exactly DID giving people the bad presents you don’t want become a grown up verb?

The gifts we’re talking about today are those main competitive assets that small to mid-size brands have sitting under their ‘tree’ all year, but ironically almost never use. Competing against corporate giants can be a curse or a blessing - as always, you decide.

So why is it that so many of these companies waste their main competitive advantages trying to be bad impersonations of their larger rivals?

If you are a middle market or emerging brand, now is the time to take a peek at the neglected gifts sitting under your tree at this moment:

1. Speed. You’re not Ford or Procter. You don’t need a task force to change one word on the nutrition label - and yet, you do it. Why? Because task forces are fun? The opportunity: Move quickly. Assess your business quarterly and react to changing market forces more rapidly. Empower your staff. Don’t sweat the little stuff like your OCD afflicted big brand cousins.
2. Embrace Failure. Wow, great tip huh. You’re welcome. But why does the same paralysis that kills decision making in GIANT companies grab hold of smaller ones? You won’t be fired by the Board of Directors or make the front page of the Wall Street Journal if you make a mistake. Nobody’s making a documentary about you. Opportunity: You may have less money, but you certainly have more room to make a mistake - and to admit it - and to fix it quickly (see #1).
3. Go Forward Boldly. Be Boise State. Go for the two pointer. Even when you lose, you’ll probably win with the consumer and your customers. Cowardice and politics are natural allies to your behemoth rivals. Opportunity: You have the ability to innovate faster (see #1 again), have an authentic personality, stand for something specific and yet you don’t. Yes, I’ve heard it - fewer resources, need every dollar, afraid the larger competitor will crush you or steal your idea. Bottom line, standing out is an uphill battle and the pursuit of extraordinary things and ideas will allow you to stand out.
4. Fight “Price”. Smaller brands can never be produced more efficiently than their rivals - and yet, so many smaller brands revert to price as their main marketing weapon. This is your single biggest recipe for extinction. If not from a GIANT here, than probably from China. Opportunity: Depending on your business, you have 20-30 ways to potentially differentiate beyond mere price. Most of them will cost money in the short run. Most of them, properly executed, will make you more profitable - and perhaps more importantly, necessary in the long run.
5. Do Less. Smaller brands tend to try to do everything their bigger rivals do, just at a fourth of the weight and with an eighth of the budget. Focus is a luxury. You have the ability to accomplish it. Most companies would thrive if they accomplished FOUR major initiatives a year - and yet… Opportunity: Spend limited dollars pursuing bigger ideas (see #3) and if necessary eliminate distractions. Make a list of the things that will drive real growth for your business. We call these growth drivers. Create a simple dashboard that everyone in the organization can utilize to measure ONLY these initiatives and their impact.

Your dysfunctional big brother may get more attention than you, but so what? You will only grow up in the mid-term if you capitalize on the gifts you have been given - and start behaving in a manner opposite of your larger rivals. Now, go “regift” this advice!