In episode #874, we discuss key marketing lessons we learned from the Red Bull vs. Monster Energy beverage war. Tune in to hear what lessons can be derived from this story.
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TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: Key Marketing Lessons Learned From Red Bull Vs. Monster Energy Drink
- [00:55] Red Bull isn’t just a drink, but a brand.
- [01:03] A few years ago, they had a man ride a balloon near the Earth’s atmosphere and jump.
- [01:26] Red Bull got $100 Million in earned media from this stunt and their stock price jumped 7%.
- [01:40] Red Bull focuses on a simple product and extreme marketing.
- [02:00] Red Bull is all about building a community.
- [02:45] They love putting their logo on cars, teams, etc.
- [03:15] Monster is smaller. They came from Hanson Juices.
- [03:45] They rebranded from Hanson Energy to Monster Energy.
- [04:05] Red Bull owns 43% of the market share, while Monster owns 39%.
- [04:15] What works for one, may not work for another.
- [04:30] Consider that what works for your competitors may not work for you.
- [04:35] Use last-mover’s advantage: find the gaps in the market and fill them in.
- [05:20] 5 Hour Energy Drink looked at the market and filled in the gaps.
- [05:40] 5 Hour Energy is marketed towards 9-5er’s.
- [06:00] That’s it for today!
- [06:05] Go here to see how many downloads the show is getting. Also rate and review to help us meet our goal of 1 Million downloads per month. Hopefully, we’ll see you at the live event in L.A.!
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