Keeping up with customer demands, industry trends, and what the market competition is doing can get complicated and overwhelming. The last thing you need is competition disrupting your market out of the blue, instead you want to be the one doing the disruption. If the former takes place, we have got you covered on how to “up your game” and out-do the competition.
Understand the Competition’s Next Move
The most important part of competing is knowing where your competitors lie. Are they tech savvy and forward thinking? Or are they traditional and reliable? Understanding the market competition’s unique selling propositions and brand promises allows you to ensure what you have to offer is better. The goal is not to imitate but to “one up.” Knowing what the market competition is doing allows you to shape your brand identity into something your customers need and are not receiving from other companies. Data analytics can be used to understand the market competition and predict what their next move could be. Take note of what ads they use. How are they speaking to customers? Are their ads effective? Do they even run ads? Knowing the competition as well as your own allows you to better position your brand when it comes to disruptions in the market.
Identify Market White Space
Have you ever found that your competition was able to launch a similar product or service to what you have been working on, before you had the chance to do so yourself? Whether it’s due to lack of creativity or smart minds thinking alike, you need to be able to think up products or services that are original, on brand, and offer customers something like never before. Market white space consists of all of the possible solutions needed in your industry that are not currently being met.
For example, say you operate in the automotive machinery manufacturing industry and are looking to disrupt your own market, chances are you would need to introduce a product or service that makes the manufacturing process easier, safer, or more efficient – in today’s age it needs to be all three and more! Uncovering white space in your market can be complicated and requires creativity and research. Marketing professionals suggest connecting with your customers first, take a step back and look at what they are saying about your brand. Look at previous product launches, what worked? What did not? Once you have secured all of these data points, look to technology and similar industries – how can you offer something that has never been done before. Utilizing white space will allow you to disrupt your industry better than the market competition.
Revaluate Your Brand
One of the most direct ways to combat the market competition disrupting your industry is to rebrand. That does not mean you should make last-minute changes that are not thought out, but rather begin the careful rebranding process led by an experienced branding and marketing agency that knows how to make an impact and give your brand the fresh new face it needs to outdo the competition. The branding process requires a discovery stage, where you and your team dive deep into your own company’ story and what sets you apart, or what you want to set you apart. You should have already looked into your competition, so now is the time to focus internally on your own brand. What has been working for you up until now? What needs to be improved? Do you know how to get there? If you find that your audience does not engage with your ads, that is a sign they need to be improved. Stop what you are doing and rethink your digital campaigns. Or perhaps you find that your customers are confused on what your mission is and how to access your products or services – that could be an indication that you need a revamped website or more cohesive brand values.
There are various approaches to rebranding, ranging from a complete overhaul to refreshing specific elements like your logo or brand colors. The manner in which you structure your rebrand depends on your brand’s state and how successful the new competition is. The stronger the pressure they apply, the more robust your rebrand will need to be. A rebranding process presents an excellent opportunity to rethink your brand positioning. Your brand positioning is critical to your business, and if you decide to undergo a rebrand to surpass your competition, you must ensure it is executed correctly.
You Have to Take Action
Staying stagnant when confronted with new competition is not a reliable option if you are hoping to have a future-proof brand. The market competition is likely to generate a lot of buzz with their new products and determination, and you must be ready to outshine them. Your brand positioning may require alteration, such as venturing into an untapped market or undergoing a rebranding process. When a brand disrupts your industry, you must be prepared to “up your game” and maintain a lead over the market competition.
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.