Know Your Connections
“WWE” and “professional wrestling” have become synonymous to the casual watcher, however, the industry houses a range of companies or “promotions”, each with a different style – much like every other product or service category.
In recent years, many promotions have opted for the more athletic style of wrestling, utilizing flips and fast-paced counters to create superhero-like sequences. This was refreshing for viewers, resulting in many clamouring for WWE to adopt this style more often.
Recognising a market for it, WWE did increase the amount of athleticism in their matches but largely kept to their core position which was a focus on storytelling. They understood that while this style attracted the “woahs” and “holy sh*ts”, viewers would constantly crave for something more daredevil, potentially putting their performers at risk. Moreover, this work rate would not be sustainable for their intensive 300-days-a-year tour schedule.
Takeaway: Sometimes it may seem easy to introduce something new into the market just because our competitor has done similarly, or perhaps it’s just exciting to inject something new into the market. However, in doing so, we risk losing what is core to our businesses. This is not to say that we shouldn’t reassess our position in the long run, but rather, it is important for us to understand our position and develop strategies to strengthen it.