Improve Market Share and Beat the Competition with Sharkonomics
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Feb 8, 2012
competition is increasing and in Sharkonomics, Stefan Engeseth argues
that market share can be improved by learning from nature's greatest
Business competition is increasing rapidly and reduced
resources will only intensify this further. In his new book Sharkonomics,
Stefan Engeseth, one of Europe's most radical marketing thinkers - and
author of The Fall of PR and the Rise of Advertising
– suggests worldwide markets are facing a ‘Jaws’ experience due to the
global economic downturn.
The Business of Natural Selection to
Engeseth offers an original perspective on competing in
business and what we can learn from nature. Over 420 million years
sharks have developed a highly strategic and efficient way to thrive in
nature's competitive environment. Inspired by the shark’s instincts and
behavioural traits, Sharkonomics provides
businesses with 10 ways to attack market leaders and improve market
The result is a book with bite and some easily
digestible pearly whites of wisdom. Engeseth builds on a concept
developed by Economist Joseph
Schumpeter (1883–1950) who came up with the term ‘creative
destruction’ to demonstrate why companies need to innovate
constantly in order to survive.
Strategies to Succeed in any Market
With the aim of making shark food out of the big fish and
market leaders, Sharkonomics provides a unique
perspective on how any company can create a presence for themselves in
Using his engaging style, Engeseth explains practical business
strategies such as:
- Start planning long before your attack.
- Don’t get stuck in history.
- Spread panic.
- Do market research the shark way.
- Find blind spots to bite.
- Strike unpredictably.
- Timing is key to successful attacks.
- Move or die.
- Kill with style.
- Write a Sharkonomics “attack list”.
Examples include Apple attacking the mobile-phone market with
its iPhone, taking big bites out of market leaders such as Nokia, and
Samsung. Its success is likened to pouring blood into an ocean,
attracting hungry competitors. The technical problems Blackberry
suffered in October 2011 only encouraged the feeding frenzy of its
Survival of the Fittest
Other strategies to get your teeth into include 10 ways for
market leaders to defend themselves from shark attacks, including:
- Develop your defense strategies years before you get
- Never stand still.
- Let others spread the buzz.
- Don’t panic when under shark attack.
- Find out where your blind spots are.
- When entering a new market, don’t send out press releases
- Sharks will not attack you if there is an easier target
- Don’t act like a victim.
- Attack is good defence.
- Develop better escape tactics than the hunter.
The music industry is criticised for not seeing Apple circling
years ahead of its iPod attack, and the iPad is now preying on the
publishing market. Another example is Virgin, one of the market leaders
in virtually every territory Richard Branson chooses to move into. His
“Virgin shark” has become big, strong and confident, encouraging it to
attack bigger prey. Virgin is so big that it is capable of attacking
any business in any sector as recently demonstrated when it devoured
Northern Rock in the UK.
Become a Market Leader
Anyone wanting to survive in today's dangerous and rapidly
evolving business waters could do worse than feast on the many lessons
in Sharkonomics, and take a bite out of the competition by learning
from sharks. The key being that companies not constantly moving and
developing, will sink like a shark to the bottom and die. Put simply, Sharkonomics
is a case of sink or swim.
About the Author
Keith Appleton JP, BA(Hons),
N.Dip.M, MInstLM has over 15 years experience within the public and
third sector developing high performing teams in a managerial and
strategic leadership role. This is underpinned by his academic
experience as a visiting lecturer and membership of the UK Institute of
Leadership & Management. Article original
published on Suite101.
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Article Published/Sorted/Amended on Scopulus 2012-03-06 11:17:20 in Business Articles