Good reminder from Dave Knox…
While the largest companies were trying to figure out how to use digital as a new advertising tool, a new generation of companies and brands was being started by entrepreneurs that viewed digital as a business model that would give them an advantage versus the scale and budgets of their much larger competitors.
In the old world, brands competed with each other head-on, whether that was trying to win at the First Moment of Truth with the largest share of shelf or creating the television ad with the most buzz during the Super Bowl. In this new high-stakes game of business, startups have decided to throw out the old rules. They are not attacking their competitors head-on. Instead, they are disregarding the conventional wisdom of industries and in many cases, redefining markets along the way.
In the same way that the majority of today’s Fortune 500 were born in the era of mass media and mass retail, these new rivals have started with digital at the core of their business model.
It is no longer a battle of Goliath vs. Goliath where everyone is playing with the same cards and the same set of rules. Instead, brand leaders need to evolve to thrive in a game of business where the competition is fluid and new players can emerge seemingly overnight.
Source: The New Ways Established Brands Do Battle With Startups – Adweek