In a discussion with Prisila, a correspondent for Asia Business Outlook Magazine, Richard discusses the obstacles that small businesses may encounter when attempting to compete with established industry giants and suggests potential strategies for overcoming these challenges.
Innovative Strategies for Small Companies to Challenge Industry Giants in Established Markets
Innovation encompasses every facet of our existence, permeating through every aspect of life. The paramount focus lies in catering to the evolving demands of the discerning customer. Gone are the days when the conventional products of yesteryears sufficed; today's clientele craves curated experiences.
Education plays a pivotal role in this paradigm shift. Our nation boasts a robust educational system, and we channel substantial resources into enlightening the market. It's crucial to convey that the run-of-the-mill lagers from commercial giants bear no resemblance to the exquisite offerings of Encanto. This educational initiative goes hand in hand with innovation, our only recourse as small enterprises.
Attempting to outspend industry giants is futile; their financial reservoirs are boundless. As a modest entity, we must embrace creativity. Our survival hinges on attracting diverse communities by offering distinctive value propositions. Mere mimicry is insufficient in our competition against these behemoths.
Small Business Partnerships and Customer Centricity
Fostering customer-centricity lies at the core of our approach. Our commitment revolves around attentive listening and continuous learning from our customers. Building relationships forms the essence of our strategy, transcending mere transactions. In an industry sometimes likened to a commercial quagmire, we diverge from the norm. We don't engage in the cash-laden table talks that dominate the beer industry. Instead, we champion a unique approach to partnerships, one that thrives on creativity and mutual benefit.
Building relationships forms the essence of our strategy, transcending mere transactions. In an industry sometimes likened to a commercial quagmire, we diverge from the norm
Our collaborations extend beyond the traditional boundaries. From clothing lines to vibrant parties, and flavor pairings to exclusive dinners, we redefine the beer experience. Our agility, a byproduct of our size and speed, allows us to craft partnerships that behemoth brands can't. We sidestep the bureaucracy and protocols that hinder innovation. In a world of rigidity, we offer a refreshing dash of flexibility. Our nimbleness empowers us to deliver dynamic collaborations that resonate, ensuring a richer, more rewarding journey for all involved.
Branding and storytelling helps to small players to gain traction in the market.
In today's market, established giants indeed carry a legacy that's hard to overlook. Recognizable names resonate worldwide. However, for newer brands aiming to capture the attention of Millennials and Gen Z, branding and storytelling are paramount. Consumers now seek purpose in their choices, looking beyond tradition. To succeed, you must lure them away from commercial giants. Your brand's story is your anchor. Take Engkanto, for instance. Our founder, Ian, saw a 130-year-old beer monopoly in the Philippines. Filipinos deserved more, a choice. Engkanto proudly stands as a Filipino brand offering quality and diversity. We underwent a comprehensive rebrand last year, solidifying our identity and mission. Our duty? To educate and share excellent beer with the Philippines. Rest assured, we're committed to this journey.
Overcoming Challenges: How Small Players Can Compete with Industry Giants in the Market
In the competitive beer industry, industry giants wield substantial financial resources, often resorting to what some may call "mafia" tactics, essentially buying customer loyalty through lavish spending. This longstanding dynamic underscores the challenge faced by newer entrants. To succeed, adopting a creative, guerrilla marketing approach is crucial, venturing into uncharted territory. This means embracing unconventional strategies that industry giants cannot due to their strict PR and marketing constraints. Leveraging social media platforms like TikTok, Instagram, and Facebook has proven highly effective for millennial brands. Unlike the giants, agility is a key asset, allowing for swift connections with customers and adaptability. While they may have the money, the youth and innovative strategies enable the ability to outpace them and forge deeper, more authentic connections with the audience. It's about challenging the status quo, breaking the mold, and offering a fresh perspective on the beer industry, one that resonates with today's consumers. In this dynamic landscape, innovation and authenticity are our allies, enabling us to stand out and thrive amidst the competition.
Leveraging Agility and Digital Marketing Strategies
Agility is at the core of our approach. While industry giants may take up to two years to launch a new product due to lengthy development and design processes, we can have a product on the market in just one and a half months. Our ability to make swift decisions is our strength. Whether it's creating partnerships with events or collaborating with other brands, we excel in agility. For instance, we've partnered with bakeries to infuse our beer into croissants and bread, and even ventured into making beer-infused ice cream. Unlike larger players who move slowly, we act decisively, bringing innovative ideas to life.
"To succeed, adopting a creative, guerrilla marketing approach is crucial, venturing into uncharted territory"
Furthermore, our proficiency in digital marketing and social media sets us apart. We are a young company with a digitally-savvy team, enabling us to connect with our primarily younger audience effectively. While industry giants rely on traditional marketing, we prioritize a strong online presence, engaging with our Gen Z and Millennial customers. This digital focus allows us to distribute products rapidly and communicate with our audience through newsletters and collaborations. In essence, agility, innovation, and digital prowess define our brand's success in a fast-paced market.
Conclusion: Many seek novelty. Fear not, embrace change. In beer, giants ruled a century, but now, venture forth. Be bold, explore, craft beer, and encanto. Learn not only in brews but in life. Embrace the new.