By Adam Riff | @AdamRiff | SVP, Digital Strategy
As digital marketing professionals, we work with a wide range of clients. Some are Fortune 500s and some are mid-tier businesses trying to compete in tough markets. The latter of these can be considered “challenger brands” for two reasons: contending with the industrial strength heavy hitters can be daunting for them; and positioning these brands to stand head to head with the top players can be difficult for marketers.
So what is the solution to effectively grow the market share of these challenger brands while improving their online positioning?
Turning a challenger brand into a market leader requires following a specific five-step process. Each step builds on the one before it resulting in a continuous cycle — a cycle of growth and efficiency.
Let’s review the steps:
- Conduct a market analysis of your client’s vertical.
- Dig into their competitors using Competitive Intelligence (CI).
- Audit your client’s program and baseline.
- Create efficiency through optimization.
- Use the room you created to test and drive growth.
Rinse and repeat.
By properly leveraging this cycle, you can take a brand that is spending significantly less than its competitors and incrementally increase its market share through growth and efficiency tactics. (more…)