The
Ultimate Challenge
How to compete in the marketing world with your biggest competitors
By Julia Carcamo
I
’ ve been lucky to have worked in many companies and many territories . And , while I often have the impression that people are most taken by the billboard-worthy work I ’ ve done in Las Vegas , some of my best work has been done in very small markets where we had to be more creative and innovative — sometimes just to stay competitive .
It was many years ago that I was introduced to the notion of a “ challenger brand .” Before this , I had worked for some of the leaders in the industry . This time , it was not the case . So , the notion of being the underdog , while new and uncomfortable , was now my reality .
We don ’ t often look at today ’ s brands as underdogs , but many started as such and found a way to bring themselves to the top . Do you remember the idea of getting a movie sent to you in the mail ? What a crazy idea . There was a Blockbuster a short drive away . Why would you use this new Netflix mail service ?
Today , Netflix has put most of those video rental locations out of business . It has also simultaneously become one of the most prolific producers of original programming , garnering an impressive number of Emmy and Oscar nods . Imagine the conversation at any big studio when word spread that Netflix would start producing content .
Looking back on the company ’ s evolution , you ’ ll find that although they were the underdog for years , they never acted like it . They set out to be the best and the biggest by acting like they already were — with the confidence of a first-place brand . You can do the same . Whether you are a new entry into the market , one that has fallen behind , or one that has welcomed a categorykiller competitor , you can take some easy steps to think like a challenger brand and become a market leader .
What is a Challenger Brand ?
Adam Morgan first introduced the concept of the challenger brand in his book Eating the Big Fish in 1999 . At the time , the most common usage was associated with underdogs , but today the focus is more on what the brand is challenging rather than who — consider what drives a category or the guest experience .
It is defined by a mindset where an operation might have ambitions ( more considerable than its immediate resources ) to break through the category . Still , they are prepared to do something bold that can go against existing conventions .
The idea of being a challenger brand can often be reduced to a shallow concept of David vs . Goliath , but this notion can often block market leaders from the agile mindset of a challenger . In other words , although what follows could be a playbook for a small operator , large operators might consider adopting these lessons . Moreover , given the shift in consumer habits , it could be a valuable strategy for us all .
Importance of a Challenger Strategy in the Casino Industry
For smaller casinos , taking on a challenger mindset can be essential in standing out among the competition . This strategy harnesses the idea of “ eating the big fish ” by identifying ways to leverage competitive advantages they may not even be aware of and turning a smaller entity into a powerhouse . It also allows them to modernize traditional practices and processes , giving casinos with limited resources an edge in agility that might often bog down larger competitors .
16 Global Gaming Business MARCH 2023