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There are many market opportunities out there for challenger brands, which can be grasped by focusing on these five steps
1. New Thinking
The market is always changing, so challenger brands must stay in touch with consumers and intermediaries; otherwise their thinking and strategies will be based on the way things were done in the past, rather than the future.
When it comes to fresh thinking, innovation, driven by insight, is an integral part. To deliver this requires an understanding of your customers. This often includes a focus on areas of market dissatisfaction and an understanding of what’s lacking in order to uncover the missing piece of the jigsaw which is often an incremental step rather than a giant leap forward.
2. Focus on Doing Less
It is very easy for businesses to do lots of things, offering different services and many promotional activities. The key here is knowing the key motivations – of consumers and intermediaries. This will help focus time, money and energy in the right areas.
3. Be Committed
For brands to challenge the status quo, they must have intent to do so and be committed to this. It needs to be part of the strategy, because making a challenge is not