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Battle of the Brands
Posted By Noel Guilford On 27. May 2009 @ 21:38 In Marketing, Being the Boss | 1 Comment
In a continued effort to remain competitive in a shrinking market many brands have resorted to invading the coined territory of their competition and enticing their customers away. As disposable cash is slowly becoming extinct, desperation has become the best fuel for innovation. I’m sure many will say their version of a desired product or service is better than the one currently offered by the market leader. Well, in the best interest of your core demographic it better be better than what you can offer. Tackling the challenge of expanding your business model to attract more customers can be an exhausting task even if done correctly. Some might consider this type of evolution to be more of an offensive than defensive tactic to emerge out on top.
Before you decide to do the same, first ask yourself how you fare in your own market. Unless you are sitting at the top of your market it could be very unwise to tread in someone else’s backyard. It’s a toss up between being a knockoff and innovation at its finest. In addition to that, not many businesses can afford the time away from their core product to explore the possibility of greener customers in another pasture. Many businesses get lost in trying to adapt to the needs of every single customer and the end result is a business with no identity and mediocrity is all they have to offer.
Keep in mind that your venture to draw in new customers with another businesses core product or service will be heavily scrutinized. Direct comparison with the original will be made even before the consumer has an opportunity to experience it for themselves. The upside is the increase in customer traffic if for nothing else than sheer curiosity, giving an opportunity to impress those that would never otherwise patron a business. Trust me I understand that many brands are fighting for their lives, and it’s extremely difficult not to believe that if you could out do the other guy then the customers would come but that’s just not the case. Battle with your individuality and make what you do best your greatest weapon, improve on that and let the other guys run around.
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