ICONIC ADVANTAGE: Don’t Chase the New, Innovate the Old

Guest: Soon Yu

This interview focuses on Iconic franchises. Iconic franchises tend to be significantly more profitable than standard ones. They’re also far more resilient in the face of market fluctuations. But you can’t create an iconic property overnight. Iconic Advantage is a compound effect that you earn after a period of deliberate and sustained commitment. The effect is stronger over time. So, the only way to start is to choose to become iconic. An Iconic Advantage strategy is for companies that want to establish market leadership by becoming the standard-bearer in their market. This is about focusing your efforts in the right places. It means instead of just chasing shiny new objects, you focus on innovating the old—where your existing strengths lie. Iconic Advantage involves over indexing your efforts on your iconic properties. On the flip side, it also means that you reduce your focus on properties with low potential. You need to put your energy and resources in the right place.