August 31, 2015

How do we beat Vegemite?

August 31, 2015

How do we beat Vegemite?

Predatory Marketing, Stump the Strategist, Business Growth, FMCG

Watch below as we answer:

Q: We're an Australian based company that sells MightyMite, a competitor to Vegemite. How can we win?

  • Featured strategists are: 

    Ashton Bishop – Head of Strategy,
    Step Change  

    Jeff Cooper - Senior Partner, Step Change

    David Siegel - Strategy Exec, Step Change

  • About Stump the Strategist:

    • Questions from the floor, answered live in nine minutes
    • It's opinion, not advice
    • Step Change charges clients for advice, Stump The Strategist is free

A:

  • Start by defining your growth objective, then position MightyMite using niche marketing. You'll need to be specific enough in the message of who you are and what you stand for, yet wide enough to hit major growth objectives - see U by Kotex Beaver ad here. The trap is that brand's who target everyone, actually relate to no one
  • Look for distribution partnerships with other truly Australian companies that are out to beat the international companies, or who also feature gluten free products
  • Begin to think like a challenger brand and focus on the message that will switch people from using Vegemite to start using MightyMite
  • A few possible repositioning options as a challenger brand include:
    - MightyMite as true Aussie goodness versus Vegemite as fake Aussie goodness
    - Vegemite is for kids and MightyMite may target grown-ups
    - Health/gluten free plus its implications
  • Host an asset audit to optimise all of your current marketing tactics: Stopping what’s not working, measuring what might be, enhancing what's working and adding anything you've yet to try

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