How Challenger Brands Are Disrupting An Entire Industry
According to a recent report by Deloitte, Challenger Brands are using their superior knowledge of the market and their customers to drive disruptive growth. These brands are seizing the opportunity to build their brand in new ways and invading the space of more established brands.
Challenger brands have the ability to become unrecognizable within five years, making it difficult for some consumers to even remember the brand name. They are already making a name for themselves in the industry, but more importantly, they're improving upon what's already available for consumers.
These brands are agile, fast-moving and willing to take risks that other companies might be afraid to take. They're able to move quickly because they understand their target audience, allowing them to develop products that solve specific problems in the marketplace and provide real value to consumers.
It can be difficult for an established company or brand to make these types of changes or improvements because they have so much invested in what got them where they are today. Many established brands have lost sight of who they are and why people buy from them in the first place. Their business models may also not be set up for success in today's market because they don't make room for continuous improvement or innovation. Challenger brands, on the other hand, are constantly changing and adapting based on their prupose and insights about their audience pains.