16 Mar Marketing Mistake #29: Becoming Fungible
What would you prefer, a very large number of individuals aware of your brand or a fraction of that number accepting your brand? Challenger Brands can answer that question unequivocally, as they don’t have the luxury of being able to chase brand awareness. Challenger Brands seek brand acceptance from the onset.
What does it take to achieve brand acceptance? The answer is simple – initial and ongoing product innovation coupled with a marketing message that conveys that innovation in a manner that resonates with the target audience. Challenger Brands realize that if the message resonates deep enough, the audience will even pay a premium for what others might consider a commodity.
On the other side, lack of brand differentiation results in brand parity. Brand parity leads to products being easily interchangeable, or brands that have become fungible. And, rarely is there a return from the land of fungible.
Challenger Brands realize that brand acceptance can only happen when there is a distinctly different perception in the value being offered by one company over another. That perceived value comes from innovative products that deliver the goods as promised and the reinforcement of that value in sharply honed marketing messages that connect solidly with the target audience. Are you a Challenger Brand?