You can say that every industry or market is oversaturated. Meaning, consumers have a lot of options to choose from. This is a good thing for consumers, although it can also be overwhelming. For brands, what this means is that “good is not good enough” anymore. A quality product or service no longer differentiates you from your competitors, but it’s rather a basic requirement to compete in that segment. This also means, that despite having a high-quality product or service, your brand is likely to just be “one of many” rather than “one of a kind”.
In addition to oversaturated markets, brands face fast changing trends, changing demographics and fierce competitors quick to imitate successful products or services.
In this episode I speak with David Lemley, president and chief strategist of Retail Vodoo, about the main external challenges brands face in their pursuit to stand out in overcrowded markets and how to overcome these challenges.