If you have a business, then you are working in a category and industry. But are you sure you’ve identified the category correctly? I am amazed how many brands think they are competing in the wrong category. So how do you check?
Well, start by reviewing everything you know about your category, and everyone involved with it. The people who choose, buy and consume it of course. But also, those who speak about it on social media or who post comments and reviews about the category. Then consider those who distribute and sell it. However, be aware that even retailers are wrong sometimes. So, when you find differences, I would always use what your consumers say first. After all they are voting with their wallets.
I once had a client that was launching a new fruit-flavoured soft drink. It was made with real fruit juice, so they thought they were competing in the fruit flavoured soft drinks category.
When we reviewed what their consumers thought about it, we discovered that they saw it as a replacement to energy drinks. Who would have guessed? Certainly not my client. Consumers perceived it to be a more natural alternative to energy drinks, because it was made with natural fruit juice.
So why now review what your customers say, both on and offline, about your brand and category. You might just learn that you’re not competing in the category you thought you were!
And then summarise all the data and information in a customer persona. If you don’t have one, you can download a useful template from C3Centricity HERE. And if you do have one, when did you last update it?
