How To Dominate the Market – 8 Tips
March 20, 2017
A variety of internal and external forces can affect the longevity of products and services your business offers. Understanding how your business excels where your competition does not is a crucial element in dominating your market. Incorporating these strategies into your marketing plan can push your organization into becoming an industry leader.
1. Create your own niche.
Perhaps the most effective method for market domination is to create your own niche market. You’re more likely to succeed at market domination if you’re operating in the fringe with little or no competition. 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 doesn’t mean it possesses the elasticity necessary to survive in the long term. This is especially true if you’re operating in a highly competitive market. Offering modified or new products to your current market segments keeps your business relevant in a dynamic industry. Diversifying your product attracts new niches to your business as well. For example, McDonald leveraged new product development by offering all day breakfast, and diversified its menu selection.
3. Identify external forces.
A variety of external forces affect your market, including environmental, socio-cultural, demographic, economic, science, technology, legal and political forces. These factors affect market trends and may hold the key to dominating your market. For example, the state of the economy during and after a recession has a large impact on 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? The answer to these questions is crucial to dominating the market. Your products or services should create a solution or provide value in places where your competitors are lacking. Highlight the incentive you’re offering so your prospects understand exactly why they want to do business with you, or better yet — why they need to do business with you. Identifying prime consumer motivators can help you realize your business’s true value.
5. Communicate with your market.
While you may be offering business services to the masses, you can achieve greater success by understanding what attracts specific niches to your business. Creating conversation with your customers provides insight into where customers find the most value from your business — and where they don’t.
You can implement feedback strategies and provoke conversation with your customers through a variety of platforms, including customer service, website forums, social media and survey forms. Personalizing email communications with your customers is a great method for building valued and trust online.
And speaking of communication, don’t forget online marketing sites. You can visit 40billion.com which is a fastest-growing network of entrepreneurs and crowdfunders. They specialize in promotion of small businesses by broadcasting and promoting to its large network of several million users across the most popular social networking sites for small businesses – including Twitter, LinkedIn, 40Billion, and even Facebook. Innovative services like tweet ads and promoted company listings were created for small entrepreneurs to tap into a growing, active network online without spending thousands on pay-per-click ads or traditional advertising. They also offer crowdfunding promotion and promote crowdfunders and their campaigns/projects.
6. Acknowledge credible talent.
In addition to communicating with your customers, you can establish credibility for your business through the conscious procurement of talent. If your employees are happy, it is reflected in the work they perform.
Displaying photos of team members on your company website and social media profiles enhances your credibility while 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. It also encourages your readers to share your content and is a great resource for free marketing and outreach.
7. Implement cost-leadership strategy.
Cost leadership involves offering the lowest cost in the industry on products or services. In order to successfully implement this strategy, your sales must still earn your business an acceptable profit after expenses. You may cut the burn rate of your business by consolidating operations or hiring freelance workers and independent contractors.
8. Competitive analysis.
Understanding the weaknesses of your competition is crucial to maintaining the competitive edge. 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, you need to establish this competitive edge clearly to truly dominate the market. In the modern age of technology, many companies are innovating products and services to provide a unique mix of value to consumers.
While dominating, your market can make your business more successful today, you should 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.