Understanding Consumer Openness To Challenger Brands

Today, consumers are increasingly open to exploring products and services beyond the well-known giants, showing growing interest in “challenger” brands. These often smaller and/or independent brands are often seen as fresh alternatives that can offer better value, unique products or simply a break from the familiar.

So how do these brands break through in crowded marketplaces? MX8 Labs' report, The Challenger Brand Opportunity, uses survey data to explore how and why consumers will choose David over Goliath.

Some of the major highlights from the report:

• 76% of consumers say they are either “very likely” (24%) or “somewhat likely” (52%) to try a new brand they’ve never heard of.
• 48% reported discovering a new brand or product via word of mouth (that figure was 62% for respondents 65 and older).
• Better prices are the primary reason for trying a new brand or product, according to 48% of those surveyed, while unique/innovative product was No. 2 at 39%.

As economic pressures continue to force changes in consumer decision-making, it's crucial for challenger brands (and incumbents) to understand what's shifting sentiment. Download MX8's The Challenger Brand Opportunity report today.