Most of us are familiar with the phrase Challenger brand; the confident new kids on the block, the ones with belief coming out of their ears and a desire to change the world. They are rewriting the rules, moving the goalposts, redefining or creating sectors with bravado and a different way of operating.
Adam Morgan, an expert on the topic and author of the seminal ‘Eating The Big Fish’, puts it well: “A challenger brand is defined, primarily, by a mindset – it has business ambitions bigger than its conventional resources, and is prepared to do something bold, usually against the existing conventions or codes of the category, to break through.”
And consumers are buying into challenger brands, left, right and centre. They seem more willing to trust these new brands than ever before. And that is driven by an evolution in the way the Challenger expresses themselves, to create authentic emotional connections.
Whilst many long established businesses look on in envy, maybe a dose of challenger brand thinking is just what they really need to reinvigorate themselves. Here are a few ways that any brand can behave like a challenger brand.
QUESTION EVERYTHING
Just because you've always done things a certain way, doesn't mean you should continue with the same approach. The Challenger questions every aspect of the market, and finds a new way of operating or presenting their products or services. So why can't you? Nothing is stopping you except the will and desire to make change happen.
BE AMBITIOUS
Challenger brands are often fuelled by fear of failure. They need to act fast and succeed quickly for investors to stay on board. And this dynamic makes them very ambitious. But when did ambition become exclusive to start-ups? Set yourself big targets and see your swagger return.
SPEED IT UP
Bigger businesses sometimes have structures that make it hard for them to be truly responsive. So change things. Even giants like Apple have small working groups who can respond to changes in the market very quickly.
HAVE CONVICTION
Believe in something. Challenger brands generally have real conviction about an important issue. More than that, they demonstrate just what they are doing about those convictions. Find the belief at the heart of your business and reorganise yourself around it.
STAND OUT
The thing that the Challenger does so well is stand out. And it's because they generally have a laser focus on one specific subject and stick to it with tenacity. This is a great lesson for all businesses. Your brand needs to focus on one idea that customers can understand and buy into.
CONNECT WITH CUSTOMERS
Nobody wants to be friends with someone who constantly repeats 'be my friend' over and over. But they do want to be friends with someone who has similar thoughts, beliefs and ideas. Communicate your brand view of the world with sincerity and passion and people will be attracted to you.
EVOLVE OR DIE
The biggest lesson that the Challenger can teach us is that things change. Stand still and your brand will be overtaken by the new ways, probably before you have chance to react. Keep moving forwards. Keep evaluating. Keep developing new initiatives. Even at the risk of cannibalising existing revenue streams.
Challenger brands do all of these as a natural effect of the situation they find themselves in. Even a small dent in an existing market can mean the difference between success and failure. But established brands run the risk of becoming yesterday's news if they don't learn the lessons that the Challenger can teach.
Buy 'Eating the Big Fish ' on Amazon.