The rapid adoption of digital technologies and evolving shopping behaviors are transforming the CPG industry. Never before have smaller, ”challenger” brands had this level of opportunity to quickly respond to changing consumer preferences and bring their products to market both online and in-stores. However, with that opportunity comes many new challenges. Challenger brands must compete for wallet share against the more established corporations with big budgets, extensive distribution and established brand equity, as well as against many of the ”new” players that are marketing themselves similarly. How can challenger brands reach new customers to build awareness, drive engagement and ultimately sales of their products in the face of with limited marketing budgets and big competition?
Here are 5 proven marketing strategies for challenger brands:
1. Reach new customers before they even enter the store with engaging video content
2. Communicate with customers in-store and stand out at shelf
3. Incentivize purchase without eroding your profit margin by offering rewards not discounts
4. Gamify the shopping experience to keep customers coming back
5. Effectively track an omnichannel campaign for deeper consumer insights
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