30 Jan 2019
Brands are not only competing with other brands for the attention of consumers they’re competing with life itself. Here’s why!
Netflix said it best when it told investors that Fortnite was one of its biggest competitors in the entertainment market. That’s because consumers are attracted to entertaining experiences regardless of format.
TV shows, movies, and games can all get in the way of each other when it comes to the consumption of time. The more eye-catching, the more likely a consumer is to be won over until another experience comes along to wrestle away the attention.
For marketers, even real-life friends can get in the way of a killer Facebook marketing campaign—after all, Sally won’t be thinking of your new coffee-flavoured soda water after she sees her best friend Judith share her engagement photo on the very same news feed! And while the odd announcement from close friends is unpredictable, there are many other elements that can be assessed when conducting a thorough market analysis.
We suggest studying all the external factors vying for consumer attention because brand rivals go far beyond the norm now that we compete with everything on social media for attention!