Episode Summary:
In this episode of The Entrepreneurial You podcast, I discuss the concept of a ‘challenger brand’ with Mike Sullivan, the President and CEO of Loomis, the US leading challenger brand advertising company. Mike defines a challenger brand as any brand that is not the market leader, and outlines the three states of a challenger brand: the state of the market, state of mind, and state of readiness.
He then discusses the importance of humility and focus for competing in the market, and the importance of talking to customers to identify positioning in the market. We also explore how underdogs in the market can have a competitive advantage over category leaders by flying under the radar, being underestimated, and being more nimble.
Examples of successful challenger brands such as Dollar Shave Club, Warby Parker, Red Bull and REI are provided. Mike encourages dreamers and believers to take risks and invest in themselves, regardless of their current situation. He advises to align oneself with other people who have already succeeded and listening to one’s own heart. Last, he encourages listeners to follow him on social media and subscribe to the podcast to stay up to date with the latest episodes.
The Entrepreneurial You podcast discusses the concept of a ‘challenger brand’ with Mike Sullivan, the president and CEO of Loomis, the US leading challenger brand advertising company. Sullivan defines a challenger brand as any brand that is not the market leader and outlines the three states of a challenger brand: the state of the market, state of mind, and state of readiness. He then discusses the importance of humility and focus when it comes to competing and the importance of talking to customers to identify positioning in the market.
The Power of Challenger Brands
Underdogs in the market can have a competitive advantage over category leaders by flying under the radar, being underestimated and being more nimble. Inspired stories of challenger brands succeeding against all odds give us hope. Companies like Dollar Shave Club Warby Park, Red Bull and REI have all been successful in their respective markets by understanding their customer base, hiring people who are like their customer base and reflecting that back to their customers. An example of this is REI, which shut all its stores on Black Friday to support its environmentally conscious customers.
Strong Brand Through Values
This conversation focuses on the importance of culture in building a strong brand and how leaders can define, build, and maintain their culture. Examples of successful brands that have stuck to their values, such as Chick-fil-A and their founder, Truett Cathy, are provided. It is suggested that leaders need to get clarity on their brand and their values and be willing to take calculated risks. It is also suggested that leaders should take time to listen to their customers, peers, competitors and their intuition to get clarity and decide. It also discussed the importance of having a trusted network of peers and advisors.
Challenger Brands
This conversation focuses on building challenger brands. Mike Sullivan, President and CEO of Lewis, a leading advertising agency, encourages dreamers and believers to take risks and invest in themselves, regardless of their current situation. He advises aligning oneself with others who have already succeeded and listening to one’s heart. He also mentions his book, The Voice of the Underdog: How Challenger Brands Create Distinction by Thinking Culture First, co-authored with Michael Tuggle.
Thank you for tuning in to this episode with Mike Sullivan. What’s the standout moment for you today? Send us your feedback at henekawatkisporter@gmail.com or on social media @henekawatkisporter. Remember to follow this podcast on your favourite podcast app or connect with me for all things Podcasting at henekawatkisporter.com
According to the Scriptures: “Give thanks to the Lord, for he is good; his love endures forever.” Psalms 107:1 NIV
