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As a start up, you don’t always have to come into the market with a completely new product offering. Very often market sizes are large enough to accommodate more than two if not many players. Ola entered the app based cab service even though Uber was already a leader. Frozen Bottle is doing just fine having entered the thick shake QSR market after Keventers had already taking it by storm. Look around us, and you’ll be able to spot thousands of seemingly ‘Me Too’ products that are doing very well. Zomato and Uber Eats after Swiggy, Savory after Empire, Yulu after Bounce, etc.
So challenging leadership brands which similar ideas is an absolutely acceptable way to go after business ideas. However, you still have to address the fact that you need to stand apart as a brand. If you don’t, consumers will continue to go after the leaders and side step you.
Some Challenger brand action points:
- Stand for something different. Perhaps appeal to a different target group, age group, lifestyle – premium or affordable, etc.
- Get attention. Throw attitude. Create strengths based on weaknesses of the leaders. Scream. Be Bold.
- Connect with those feeling left out by leaders. Either because of affordability, service, convenience, safety, social responsibility, etc. Be their voice.
There is a good chance you may not be able to outspend the competition (unless you are flush with funds). Focus on Outsmarting them instead.