Your category, positioning, and brand image will all determine your brand’s risk profile. In the early years of computer adoption in business, ‘nobody gets fired for buying an IBM’ encapsulated the premium IBM had for being the ‘safe bet’.įor your insights hunting, you need to understand what type of risk consumers associate with choosing your brand. Politicians understand this by positioning their opposition as risky and themselves as the ‘known’.īrands that understand how consumers perceive choice risk in their category are more successful and can charge a price premium. Avoiding the risk of change is why consumers and business decision-makers stick with a satisfactory choice rather than change. If consumers see something as risky, they will avoid making the change. Sometimes we may find risk exciting, but excitement is tinged with fear. We have an emotional reaction to risk it scares us. This took us beyond the usual ‘gains’ and ‘pains’ analysis to understand the deeper issue that consumers were afraid of change.Ĭhange involves risk. Our breakthrough came from re-framing our thinking away from why consumers should buy our brand to why consumers don’t like changing their brands. But first, we needed to disrupt our own thinking. With the right ‘why’, we could disrupt the market and drive growth. I’ve faced this challenge in consumer goods, banking and financial services, education, and other categories. Your brand was loved by many but bought by few. If you have ever worked on a challenger brand, you have been in this position.
We had found no significant barriers to buying at the shelf. Our product had benefits that our competitors did not offer. Up to this point, our brand strategy was built on insights about why consumers should buy from us. But why were they the market leader and not us? Our brand personality was younger, smarter, and more fun than our old-fashioned main competitor. Deep qualitative research was commissioned that explored our brand image. Consumers, we were told, loved the product. The whiteboard fluttered with sticky notes. If you want insights to drive your disruptive strategy, take a risk and start by disrupting your thinking.Ĭoffee in hands.
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