Written by: Vickie Sullivan | February 11, 2021
How to Take on a Dominating Competitor
Confession: I love underdogs. Those scrappy competitors that outsmart the status quo. So, a recent Fast Company feature about the rise of Newsmax and how the company is gaining on stalwart Fox News got my attention.
Look past the politics of the players. Newsmax is becoming a formidable alternative to Fox News. They’re able to threaten this dominating competitor by encroaching on their turf from the outside. The question for you: How can you attract a competitor’s fans and get them to move elsewhere?
2 Tactics to Take on a Dominating Competitor
Here are two ideas you can borrow from Newsmax when creating your strategy for taking on a dominating competitor:
• Low/no risk. Note that Newsmax isn’t asking people to ditch Fox News. They provide live streams for free. They’ve positioned themselves as an “and” rather than an “instead of.” So, yes, folks can have both Fox New and Newsmax. There’s no risk in trying out Newsmax for free. This is a great strategy to get attention and set up a head-to-head comparison. Brilliant.
Listen: How Folks Decide to Switch Services or Providers
• More is more. Newsmax content is basically Fox News without boundaries. This attracts the hardcore, those who will stick to the outlet. Not only will people continue to watch, but they will share with their friends. That last part – sharing – is where the growth is. Do you have to copy Newsmax barroom brawler style? Nope. But you do need to stand out from the dominant competitor.
Too many of us assume the system we compete in is the only game in town. Newsmax is a great example of how that isn’t true. If we can lower the risk of entry and make our content sharable, we thought leaders can compete with anyone.
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