When Roberto Goizueta took over as CEO of Coca-Cola in the 1980s, he was faced with intense competition from Pepsi that was eating into Coke's growth. His executives were Pepsi-focused and intent on increasing market share 0.1 per cent a time.
Roberto decided to stop competing against Pepsi and instead compete against the situation of 0.1 per cent growth.
He asked his executives what was the average fluid intake of an American per day? The answer was 14 ounces. What was Coke's share of that? Two ounces. Roberto said Coke needed a larger share of that market. The competition wasn't Pepsi. It was the water, tea, coffee, milk and fruit juices that went into the remaining 12 ounces. The public should reach for a Coke whenever they felt like drinking something.
To this end, Coke put up vending machines at every street corner. Sales took a quantum jump and Pepsi has never quite caught up since.
To sum up, the story of the hare and tortoise teaches us many things:
Never give up when faced with failure
Fast and consistent will always beat slow and steady
Work to your competencies
Compete against the situation, not against a rival.
Pooling resources and working as a team will always beat individual performers.
Let’s go and build stronger teams!
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