How to build a challenger brand: 5 tips for standing out in your industry
Challenger brands - often associated with disruptive fintechs (challenger banks) like Monzo and Revolut - are exciting, high-growth tech businesses typically characterised by their innovation, creativity, and risk-taking attitude.
In this blog post, we'll discuss the top tips for building a successful challenger brand and examine their strategies for success.
Firstly, let's look at the type of challenger brand that best fits your business. According to eatbigfish, the global authority on challenger brands, there are 10 types of challenger brand:
The Irreverent Maverick
The Next Gen
The Real and Human Challenger
The Enlightened Zagger (we like this one!)
The Visionary (the vision is scary)
The Game Changer
The People's Champion
The Scrappy David
Click here to read more about each type of challenger brand, and see which one your business matches.
Depending on which category is most appropriate for your tech company, you'll have a slightly different brand strategy to achieving that elusive unicorn status.
But there are some key challenger brand traits that all businesses can learn from:
Challenger brands are risk-takers. They're not afraid to try something new, even if it means making mistakes along the way.
Challenger brands are, by their very nature, different. They challenge the status quo and offer something new and exciting to their customers. This could be a new product or service, a new way of doing things, or even just a fresh perspective on an existing industry.
Challenger brands are passionate about their products and services, and this passion is evident in everything they do. From their marketing to their customer service, challenger brands are all about delivering an exceptional experience that leaves a lasting impression.
Think outside the box
Challenger brands are creative and innovative, always looking for new ways to solve the world's problems.
Challenger brands' ferociousness to solve a problem that really vexes them is the foundation to a solid mission, vision, and brand purpose - the bedrock to brand-building.
So there you have it: our top five tips for building a challenger brand. Remember, it's all about being different, passionate, and innovative - three things that should come naturally to entrepreneurial businesses on a mission!
Bloom is the UK tech industry's favourite agency. If you're looking to build your challenger brand, or take your startup to sophisticated scale-up status, then book a no-obligation, 30-minute call with us here.