So, a new competitor just entered the market right next to your own brand, what should you do? Your first instinct may be to panic, but that is not necessary. The only way to outshine the competition is to do better. Meet your customers’ needs more thoroughly, deliver better customer service, and have the perfect price for the product or service you have to offer. Strong brand positioning can help ensure you are ready to go at every point in your business. Whether you are the market leader, a startup, or somewhere in between, strong brand positioning can help you build strategies and campaigns that succeed.
Understand the Competition
Get to know the competition through and through, from top to bottom. There are many tools you can use to accomplish this, including data analysis, Google searches, data gathering software, and more. You can utilize data analysis to see where their brand started, where it is now, and gain insight into the future of their brand. Is their brand positioning strong enough to outdo your own? Keeping it simple is also a great way to get to know the competition; a simple Google search will show you how they are being presented to customers and how they have positioned their brand. You can view their marketing efforts, their website design, evaluate the customer experience, and see how they connect. This research will help you get a clear understanding of their brand positioning so that you can do better and stay ahead of the market. Some questions to ask yourself about the competition include:
- What need do they serve?
- How are they similar to my own brand?
- What are they doing differently?
- Why do customers choose them?
Knowing what your competitors are doing will help you stay ahead of them and plan your next move. If they are moving one way, move another. If they are doing something revolutionary, figure out how to do it better. Understanding the competition will help you position your brand more effectively.
Identify White Space
One of the best ways to ensure you stay at the top of your industry is by identifying and occupying white space that is not currently being addressed. What customer needs are currently unmet? Where can you provide a solution that only you can offer? White space makes up all of the currently empty markets for products or solutions that customers demand but no one currently makes. If you enter the white space before the competition, there will be no competitors to outdo. It is one thing to compete, but another to completely exceed expectations. If no one can compare, then you do not need to worry about competing until they find a way to break into your white space as well, which is why strong brand positioning is needed to stay one step ahead of your industry.
It can be tough to know how to break into white space, so consider:
- What am I currently providing?
- What makes my brand unique?
- How can I do better than what I’m currently doing?
- What do my customers demand?
- What needs are currently unmet?
Being able to corner a market and anticipate what customers need will secure your spot as an industry leader and make it harder to disrupt that position. Doing the bare minimum and offering another variation of the same products that everyone else offers is no longer going to cut it. Customers demand more from their top brands.
Consider a Rebrand
If a new, fresh-faced brand has just entered your market, you may be feeling like your own brand positioning is stale. Revamping your brand positioning can help you reinforce what works and rethink what does not. A rebrand can look like many different things. You can opt for a complete rebrand or even just refresh select aspects like your logo or website. You should structure your rebranding depending on the state of your own brand and how successful the newest competition is. The more pressure they apply to you, the stronger your rebrand will need to be. A rebrand is a great opportunity to rethink your brand positioning, and there are many resources available to guide your process. An experienced branding firm will have the expertise and tools needed to successfully take your brand to the top, but choosing the right agency can be tough. Consider:
- How does this branding agency approach clients?
- Does this agency know my industry?
- Where do their clients rank?
- Is this firm focused on long-term strategies?
- Who makes up their team?
Your brand positioning is everything when it comes to your business, and undergoing a rebrand to outdo the competition is only successful if it is done correctly. Engaging with the right branding agency will help ensure your rebrand is enough to exceed the newest competition.
Don’t Remain Stagnant
Remaining stagnant in the face of new competition is not going to serve you well. The last thing you should do is nothing. They are going to be coming in hot, with the drive and passion of a new business, and you need to be prepared to outdo the “new business buzz” that they are sure to drum up. Your brand positioning may need to change, whether that be through breaking into a white space that is previously untapped or undergoing a rebrand. When a new brand enters your industry, you need to be prepared to step up your game and stay ahead of their success.
About Millennium Agency
Millennium Agency is a nationally recognized, top woman led B2B branding, positioning, and digital marketing firm who creates value that builds emotionally impactful brands that influences your customer’s buying decision, giving you the competitive advantage. As your industry partner for B2B pharma/biotech, technology and manufacturing, our proprietary research-based framework makes a strong impact and accelerates your brand growth. While you focus on what you do best – running your business successfully – our team will build your brand, and drive leads. For more information, call 877-873-7445 or schedule time here.