Then Become A Market Leader As Success And Resources Grow
Market Leaders create an umbrella under which category members can thrive. They have the highest market share [sometimes as much as 40-50%]. Their product/service portfolio is always evolving. Their complementary partnerships challenge them and optimize results. They are low cost leaders whose value proposition makes them best suited to telling their compelling story.
Market Followers possess a core competency that enables a competitive advantage but have much less resources than the market leader. Associating with a category led by a prestigious market leader enhances their credibility. They can position themselves against the category gold standard in the areas of price/performance, ease of use, convenience, design, reliability, range of selection, customer experience and location. A successful follower may eventually become a leader as they build their resource pool and create their own compelling story.
Begin by narrowcasting and build a high share of your defined niche market. Always innovate - experiences, products, services and processes. Build complementary partnerships that help you to sell a total solution. Your pricing strategy must enable gross margin and cash flow to contribute to the goal of becoming a market leader.
The key to success will always be your strategy for optimizing the customer experience. This is the best way to differentiate your company for the long haul.
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