There are a variety of internal and external forces that can affect the longevity of products and services your business offers. When you understand how your business excels where your competition does not, and you incorporate these strategies into your marketing plan, you can push your organization into becoming an industry leader. This is a crucial element in dominating your market.
Here are 8 ways to dominate market and lead the industry:
1. Identify and create your own niche
A lot of benefits come with being first to the market. First movers typically establish strong brand recognition and customer loyalty. Perhaps creating your own niche market is the most effective method for market domination. Operating in the fringe with little or no competition increases your chances to succeed at market domination. When Bakon Vodka released its handcrafted bacon-infused Vodka in 2009, it was the first of its kind on the market and became an instant success. Finding a niche where you can harness your passion for your work increases the likelihood of your business becoming an industry leader.
2. Develop your product or services.
Just because your business is successful now is not a guarantee it will still be here and thriving in the long term. This is especially true if you’re operating in a highly competitive market. So to keep your business relevant in an ever dynamic industry, offer modified or new products to your current market segments. Diversifying your product attracts new niches to your business as well. For example, Starbucks leveraged new product development by offering pastries and sandwiches and diversified its product selection with CD sales.
3. Identify external forces
There are the environmental, socio-cultural, demographic, economic, science, technology, legal and political forces that make up the external factors that can affect your market. These factors affect market trends and may hold the key to dominating your market. For example, the state of the economy has changed a lot during the pandemic and has impacted both consumer and corporate spending alike, while smart devices have created a larger demand for health and fitness data tracking.
4. Provide value and solutions.
What value are you creating? What problem are you solving? Providing answers to these questions is essential to your market domination. Where your competitors are lacking, your products or services should create a solution or provide value. Help your prospects understand exactly why they want to do business with you, or better yet — why they need to do business
with you by highlighting the incentive you’re offering. Identifying prime consumer motivators can help you realize your business’s true value.
5. Communicate with your market.
While the masses stand to benefit from the services you offer, a better understanding of what attracts specific niches to your business can help you achieve greater success. Creating conversation with your customers provides insight into where customers find the most value from your business — and where they don’t.
Take advantage of the variety of platforms available to you and implement feedback strategies and provoke conversation with your customers. This includes customer service, website forums, social media and survey forms. Personalizing email communications with your customers is a great method for building value and trust online.
6. Acquire credible talent.
Apart from communicating with your customers, you can establish credibility for your business by getting talented individuals on your team. If your employees are happy, it is reflected in the work they perform. You can display photos of team members on your company website and social media profiles to enhance your credibility. This goes a long way in making your business appear personable and approachable. Hiring writing staff to write blog posts on company or industry news is a great method for invoking ethos from prospective customers. Your readers will be more inclined to share your content and is a great resource for free marketing and outreach.
7. Implement cost-leadership strategy.
The cost leadership as developed by Michael Porter, involves offering the lowest cost in the industry on products or services. To successfully implement this strategy, your sales must still earn your business an acceptable profit after expenses. One way you can cut the burn rate of
your business is by consolidating operations or hiring freelance workers and independent contractors. True implementing a cost leadership strategy isn’t possible for every business, however, it’s proven to be a highly successful strategy for many large corporations, such as McDonalds.
8. Analyse the competition.
Understanding the weaknesses of your competition is essential to maintaining the competitive
advantage. Implement a competitive analysis in your marketing plan to better understand where your business needs to compete most. Once you identify how to provide a stronger benefit than the competition, establish this competitive advantage clearly to truly dominate the market. This is evident in the modern age of technology where many companies are innovating products and services to provide a unique mix of value to consumers. Dominating your market can make you an industry leader and more successful. But while dominating your market can make your business more successful today, you might want to continue to develop your business in order to maintain the competitive advantage. Improve your products and services before your competitors do. Don’t be afraid of some healthy competition– competition drives innovation.
What techniques or strategies have you implemented to ensure the success of your business?