HOW TO ENTER EMERGING MARKETS - PART 3 FROM AN ENTREPRENEUR"S PERSPECTIVE

Written by Bruce MacDonald

3. You do not control the voting process.  Trying to control the outcome of a contest by disqualifying a charity you do not like (e.g., JP Morgan Chase & Company rejected Students for Sensible Drug Policy, the Marijuana Policy Project) or violating your own rules by giving preference to another (see Pepsi) will backfire.  The Pepsi Refresh Contest made a mistake by not following its own rules, but moving swiftly to acknowledge it, fix it, and moved on. This was failing informatively.

In fact, it might wipe out more than whatever was gained by organizing the contest in the first place.  In turn, the damage to your brand and reputation can be huge.

4. Be first to market if possible. Conventional wisdom says being first to market creates a competitive advantage.  Reality is more complicated.   Market opportunities are constantly opening and closing, and a hit today could be a dud a year earlier or a yawning "me too" business a year later.  You gain the advantage of locking in customers, suppliers or intellectual property.  Entrepreneurs also need to launch before an opportunity closes.

5.  Marketing is key - you need to attract and retain customers.  Mars, the company behind brands like Snickers, Pedigree, Whiskas and Skittles, was celebrated as the Advertiser of the Year at the Cannes Lions 2012 International Festival of Creativity.

Since Mars landed its first Cannes Lion in 1990, the company's commercials have won 77 Lions across categories, which include 11 Gold Lions and a Radio Grand Prix in 2007 for the Snickers "Hoedown" ad.

In making the announcement, Cannes Lions CEO Philip Thomas noted that Mars has won Lions for work in countries that include France, the U.S., the U.K., Brazil, South Africa, Portugal and Chile, among others. He said the festival’s recognition is “a testament to a company which truly embraces creativity and demands outstanding work from its agencies.”

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Thanks for taking the time!