How to make your business stand out with challenger branding
As a small or mid-size business, you're likely facing intense competition from similar firms in your industry.
It's becoming increasingly challenging to differentiate yourself, and as a result, you may be losing clients to your competitors. So how can you stand out?
This is where challenger branding comes in.
By becoming a challenger brand, you can stand out from the competition and boost your market visibility, all without breaking the bank.
What is a Challenger Brand?
Before diving into the different types of challenger brands, let's first define what a challenger brand is.
A challenger brand is a company that aims to disrupt the market by offering a new, innovative product or service that sets them apart from their competitors.
They're typically smaller and less established than the market leaders but have a strong desire to grow and succeed.
In broad terms, challenger brands fall into five main categories.
The 5 Main Types of Challenger Brands are:
1) Disruptive challengers
These are brands that aim to disrupt the entire industry by offering a new, innovative product or service that shakes up the market.
Examples of disruptive challenger brands in the finance industry include Monzo and Starling Bank.
2) Value-based challengers
These are brands that offer a better value proposition than the market leaders. They may offer a similar product or service at a lower price, or they may offer additional benefits that the market leaders don't provide.
Examples of value-based challenger brands in the finance industry include TransferWise and Revolut.
3) Experience-based challengers
These are brands that offer a unique and differentiated customer experience that sets them apart from the market leaders.
Examples of experience-based challenger brands in the finance industry include Metro Bank and Tide.
4) Mission-based challengers
These are brands that have a strong mission or purpose that resonates with consumers. They may be focused on sustainability, social justice, or another cause that aligns with their target audience's values.
Examples of mission-based challenger brands in the finance industry include Triodos Bank and Ecology Building Society.
5) Niche challengers
These are brands that focus on a specific, underserved market segment. They may offer a highly specialized product or service that meets the unique needs of a particular group of consumers.
Examples of niche challenger brands in the finance industry include Atom Bank and Zopa.
Today, high-end expertise is no longer a differentiator. Most accountancy firms mistakenly think that mainly talking the quality of expertise will make them stand out. It doesn't. This what 90% of your competitors already do.
The Benefits of Being a Challenger Brand
There are numerous benefits to being a challenger brand, including increased market visibility, stronger brand loyalty, and higher customer engagement.
By differentiating yourself from the competition, you'll stand out in a crowded market and attract more clients who align with your values and offerings.
How to Get Started Making Your Firm a Challenger Brand
To become a challenger brand, you'll need to start by evaluating your current branding and marketing efforts.
Are you effectively differentiating yourself from your competitors? If not, it's time to make some changes.
The most dangerous mistake accountancy and financial services firm is making their expertise and range of services their main marketing message. This is excacty what 99% of your competitors do. So how is that going to differentiate you from others.
Consider what sets your firm apart and how you can emphasize those unique qualities in your branding and marketing. It's often hard to see what makes us unique, so you might need external specialist expertise.
You may also want to explore new marketing channels or tactics to reach a wider audience.
Thinking vs. Acting
Now that you know the benefits of challenger branding and how to get started, it's up to you to take action. Don't just think about becoming a challenger brand - make it happen!
By taking the steps to differentiate your firm through branding, you'll be on your way to increased market visibility and success.
As a small or mid-size accountancy or financial services firm, it's essential to differentiate yourself from your competitors to boost market visibility and attract more clients.
Challenger branding is a logical and powerful way to achieve this without breaking the bank.
By evaluating your current branding efforts, emphasizing your unique qualities, and exploring new marketing tactics, you can become a challenger brand and stand out in a crowded market.
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