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Dealing with Competitive Product Releases When Yours Are Months Away - NextStage 1 Minute MarketLift Podcast
Businesses believe they must be on par with or have some kind of advantage over competitors. Sometimes competitors release a new product, redesign their digital properties and the arms race is on, so to speak.
But a one year NextStage study of consumers reactions to competitive product releases among brands revealed that a business' best strategy, when a competitor releases a new product, is to continue with their existing site's look&feel.
Consumers wanted their chosen brand to respond to competitive challenges but not react to them because responses demonstrated awareness and control, reactions indicated fear and anxiety, the latter often leading to brand abandonment.
So how does a brand with nothing new of its own deal with competitive releases without shaking consumer confidence?
Total Time - 2m12s