There’s no doubt that Brexit brings uncertainty to our future, be that in business or in our personal lives, and uncertainty often leads to a level of caution. However, caution or indecision can be a dangerous strategy.
Even at the best of times, brands live in a ‘survival of the fittest’ environment. You only need to look at Uber to see how quickly a leading brand can be overtaken by a competitor. As Uber monetarily bent down to tie a shoelace (sort out their driver reputation and fix some growing pains) new challenger brand Lyft ran straight past and took the lead in the USA. Brands jostling for the top spot isn’t a new thing, as our Co-Founder Sally points out in her TEDx Talk.
“The key is act like you’re growing when you’re shrinking and like you’re shrinking when you’re growing” says Sally, although she also admits, “it’s the easiest piece of advice to give and the hardest to take”. That advice could never be more apt than for 2019.
Change brings opportunity and can be the perfect environment for disruption and innovation. If it’s not your brand making the most of the changes, then another brand will.
Smaller, more agile businesses can thrive in economic conditions like this as they switch strategies to suit the market.
Sure, you do need to be prudent but investing in your marketing or research and development when your competitors aren’t can give you a better than normal ROI. Whatever you do for your business beware of the pause button, the high-risk strategy disguised as caution.
If you’d like to talk to us about how you can make the most of your competitor environment in 2019 send us an email to firstname.lastname@example.org or call us on 01483 746650.