Market leadership is simply referring to positioning your company, your product or services to dominate the market position in terms of market share and attains highest profitability. Market share can be measured as the volume of goods sold or the value of the goods. In this article, I will talk about 5 effective market leadership strategies to dominate your industry. It doesn’t matter what market you are in whether online or offline, these tips can be applied according to you own business.
1. Be the First
If you want to dominate a particular market, be the first to create a product or service. In this way, you will gain the first mover advantages. Be the first to use a technology or create a category for a product. Being first in any category is going to give you the edge. Then, make it an industry standard. It’s much easier to get into the mind of consumers first than try to convince people you have a better product or service than the one that did get there first.
Such example is Microsoft. Bill Gates was the first person to introduce Windows which is a product by his Microsoft Company. Since then, it has becomes an industry standard where most of the computers were using Windows as their operating system. Even though people are complaining Windows product sucks, Microsoft is still holding the largest market share in operating system industry.
2. Be Unique
In order for you to be the market leader, you have to create your unique selling proposition (USP). Unique selling proposition is how you define yourself to be different than others and stand out from the crowd. If your product is exactly the same as your competitors, your audience wouldn’t notice about it. For them, it just doesn’t matter from whom they are buying the product since all the features are exactly the same. For instance, banking industry has almost zero degree of differentiation. All the banks have relatively same types of bank account, similar interest rates etc. Therefore, consumers don’t see any particular bank being the market leader in the banking industry.
For instance, Apple became the market leader in smart phone industry when it first introduced Apple Iphone. Since then, there are many other companies tried to produce smart phones that are similar to Iphones in terms of design and function. This way, Apple established strong brand name and presence in the smart phones industry. Now, almost everyone in your neighborhoods is using Apple Iphone.
3. Learn to say No
Do things differently than others. A market leader must be able to express his personal opinions. Don’t just follow what everyone else does or say. A market leader should be able to see things in a different perspective. Don’t be afraid to voice out your opinions if you have a different one. Most often people are just going to respect you for that.
4. Follow the trend
If you want to be the market leader, you must know the current trend evolving in the marketplace. You can use tools like Google Trends to determine whether the trend in the market are rising or going down. Set up alerts using Google Alert for the keyword you would like to monitor closely. So whenever news comes up, you will be the first notified of latest news happening in the marketplace.
As market leader, you must be able to pick up or spot the trend earlier than others. This will give you an edge in the competition. After all, it’s all about getting into the market first and gains the highest market share.
5. Become the Experts
If you want to be recognized as the market leader in your niche, you must establish yourself as the go-to-guy. It means that you have to build reputation so that your audience sees you as the leader who knows precisely what you are doing. You want to be the person that they will refer for your expertise, skills and knowledge if they have any problems or questions. Reputation cannot be earned in just one day period, but it certainly gradually builds up as you provide value to your audience.
Answer their questions, teach them useful things so that they can apply the knowledge that they get from you in their own business. People will respect you for that and in just a matter of time, they will see your credibility as an expert in your field.
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