In today’s ultra-competitive environment, traditional brands are experiencing difficulty retaining market share, let alone growing share. Many struggle to recognize, strategize and prioritize the new customer requirements, solid value propositions and competitive tactics, opting to remember (and lean on) past successes. Nothing is more dangerous in this environment; using traditional methods to resolve contemporary challenges is suicidal.
When identifying currently growing companies, you will find organizations with the following characteristics:
- Departure from the status quo. Not afraid to change/break the rule, particularly if doing so creates a competitive advantage.
- Customer focus. Pulse on prevailing trends, with a concentration on creating tipping points.
- Value driven. Delivered benefits that far exceed pricing.
- Immediate Conviction. Brand credibility, support and quality.
Known as “clean slate brands,” these concepts are new, sanitary, transparent, responsive and trustworthy. If your brand doesn’t exhibit these characteristics, your customer is at risk of defecting. As for your market share, saying it’s vulnerable is an understatement. Is it time to clean (slate) up your brand?