By Jonathan Baker Times are uncertain, particularly where the economy is concerned. Brands and businesses everywhere are watching each minute change. What will (and won’t) consumers purchase? Many brands are adopting what are known as “challenger strategies.” Challenger Strategies Defined Where business is concerned, challenger strategies are tactics a brand takes to accomplish specific goals. These goals may range from disrupting its own industry with an innovative breakthrough to increasing the chance of gaining market share. That is the general definition of challenge strategies. Now, for a more specific view… The Rising Trend of Challenger Strategies The adoption of challenger strategies among brands has practically become a trend in today’s world. Between the overall economic pressures and caution among consumers, the attitude toward this tactic has gone from “novelty” to “necessity.” Brands are pursuing this path through a foundation of four common practices: 1. Knowing What the Consumer Needs. This may seem an obvious point but note that “needs” is in the above heading; not “wants.” Brands that can pinpoint specific needs of its audience—and find solutions to meet those needs—will likely become top-of-mind for future purchase, even when the clouds over the economy lift. 2. Perfecting the Art of Pivoting. Brands that can pivot, adapt, and respond to changes in the market have an advantage that goes beyond description. Yes, pivoting is easier said than done, but that is why it is essential for brands to sharpen this specialized flexibility. 3. Making a Genuine Connection with Consumers? Priceless. What better way to help ease consumers’ concerns than by connecting with them in ways that feel genuine? Brands that develop a rapport with consumers through person-to-person practices (e.g., storytelling, in-store events) will not only earn more business. They’ll earn long-lasting respect. 4. Rising to Challenge Market Leaders. This tactic puts the “challenge” in “challenger strategy” but it can be a long shot. Tying in with the first item (“Knowing What the Consumer Needs”), brands that have info on service or quality that a more established competitor isn’t delivering to their customer base can rise to the challenge and win these customers over. Takeaway Let’s be honest: If your brand or business is facing difficulty during in this turbulent economy (as most are), now is the time to re-evaluate its position. Begin this re-evaluation by testing the four practices listed above. (And if you are already applying them, congratulations! You’re staying on top of things!) If you feel as if you need help in rising to the challenge, get in touch with The EGC Group today. We’ll help you develop the tools and tactics to make your brand remain relevant.
