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Tried and Tested Marketing Strategies for Challenger Brands
When you are launching a company, you might fall into different categories. One such classification is challenger brands, wherein brands neither have a monopoly in the industry nor are niche businesses in the market.
This category of brands is highly competitive. The challenger brands seek to disrupt the norms of the industry through innovation and out-of-the-box thinking. These brands are often highly ambitious and are willing to do innovative things in the industry even if they do not carry adequate resources. For instance, Uber and Airbnb can be deemed challenger brands because they have disrupted the cab and accommodation industry.
Compared to standard, well-established brands in the industry, marketing strategies are different for challenger brands. Marketing for challenger brands can often be tricky since you have to do marketing in a nonconventional way to acquire more consumers and increase revenue. One effective way could be to hire a challenger brand agency with expertise in marketing for challenger brands.
If you want to know more about it, here are the tried and tested marketing strategies for challenger brands.
Doing things differently
Being different is the characteristic of challenger brands, but it is also the only way to market themselves. If a brand is not the leader in the industry, they have two options: following the leader or doing something differently. By following what the industry leaders do, you have a chance of copying their success as well.
On the other hand, companies can do things differently, irrespective of what the leaders do. For instance, Airbnb is the biggest accommodation platform with numerous properties. Still, unlike other leaders in the industry, such as Marriott or Hyatt, they do not own a single property. Going on a different path is the secret to their success.
While your business strategies are different from the industry, your marketing strategies would also need to be unique from the rest. So, you must seek guidance from a challenger brand agency to figure out the best way to position the brand. A good agency will also take advantage of artificial intelligence and deep learning to determine consumer behavior and will help you strategize accordingly.
Use an incentive to capture the market
Who does not like free stuff? Well, according to research, more than fifty percent of people are more likely to refer their friends to a product or a brand that sends them a gift with their purchase.
A freebie with the purchase motivates the consumer to use your product or services more often. Moreover, not only does it help with acquiring more customers, but it also proves beneficial in retaining a customer. For instance, if you prefer Uber to one of your friends, they can get a discount coupon or credit of up to $20 for their first ride, and when they avail of the offer, you will get a coupon as well.
However, the incentive alone will not be fruitful if the brands cannot market their incentive schemes to their target audience. A well-experienced agency will help you strategize the best way to communicate incentive plans to the target audiences.
Tested Marketing Strategies for Challenger Brands: Conclusion
Both of these strategies are successful, and every other challenger brand has been reaping its benefits. But, as a challenger company, it is best to outsource marketing to experienced brands to focus more on the core objectives.