Most of us strive to become leaders, thinking that leadership is the way to go. But since life is all about growing and learning new things.
Why stop at becoming a leader when you can become a market leader?
Before we jump to that, let us first understand what exactly is a market leader.
A market leader can be a product, brand, company, organisation or group which has the highest percentage of total sales revenue in its niche market.
A market leader dominates the market by influencing customer loyalty, distribution or pricing. Some examples of great market leaders are Amazon, Apple, Coca-Cola, and Snapchat. All of which are leading and are at the forefront of their niche market.
While it can be very difficult to outperform your competitors, with effective planning and hard work, you or your business can become a leader in your target market.
Here are some suggested steps you can take towards your journey of becoming a successful market leader:
Focus on the niche
If you haven’t established your brand or product yet, find a narrow niche and offer your product or service to it. The smaller the market, the easier it is to become a leader.
For a well-established product or service, start defining your market and focusing on your target customer. This will help you find an overall new market niche that would be large enough to support your business’s growth.
Find the X factor
The easiest way to become a market leader is by offering a product or service that your competitors aren’t offering. Often known as ‘being the purple cow,’ this approach can differentiate yourself from others in the market.
Never stop adapting with change
The new normal has taught us one thing more than ever and that is to adapt to change and keep moving on. Use the same thought process in your business too. Once, your product or service is out there, listen to what people are saying about it- consider their wants, needs and concerns.
Depending on the feedback, adapt to new changes. You can even try A/B testing at this stage. This will help you stay ahead in the competition.
Keep the end-user happy
As they say ‘Customer is the king.’ So do whatever it takes to keep your customers happy and satisfied.
A survey done on 1,046 consumers found that 90% of respondents said that positive online reviews influence buying decisions and 86% said that negative reviews directly and negatively impacted their purchasing decisions.
Just be obsessed with your customers. This will help you innovate and continuously look for ways to add value for them.
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