08 Sep How to Be a Market Leader
12 Key Factors that Drive Market Leadership
It often takes years to be the market leader, but you don’t have that much time. Which means you’ll take the express route to market leadership.
Just as startups use an accelerator process with funding and management consulting to go from conception to launch very fast, you can do this on a short timeline. Developing quicker reduces costs, maintains staff, keeps you focused on key priorities and reduces the chance of failure.
Given the rate of business failure, there’s no time to waste to acheive market leadership.
Reduce Time to Market Leadership
One AI marketing firm with a very unique product for Realtors got their product up and running in less than 2 years including venture capital financing. They’re on their way to market leadership, and perhaps even new markets. However, will they fail to sustain? There’s no doubt they have an extensive detailed business plan for their investors, but do they have the strategy that incorporates the 12 factors below?
We’ll find out in the years ahead. I’d like to think your market leadership will involve an AI marketing solution and creative content and SEO. It’s essential to be the best at marketing and promotion.
A 4 Step Process
A quick general process to market leadership would include:
1. describe your unique, differentiated UVP and why it is better than your relevant competition,
2. identify your target customer and how you’re going to reach them
3. describe how you’re going to reach the best prospects and get your message drilled into them
4. describe how you’ll move them from awareness to purchase
Right now, you may have some marketshare, and a desire to speed sales up. You might have a recognized product or brand. Or you may be last in the market. The point is, you need to believe market leadership is possible. You don’t know how you’re going to do, but now you’re believing you could do it, and that gives you the courage to plow ahead into the unknown.
Smart entrepreneurs can get weighed down at this point, because just as they dream of leadership, all the limitations and challenges come to mind too. It’s at this point you need to develop a habit of focusing on your strengths, audacity, optimism, and somehow through a miracle this will happen.
Some call it faith in oneself. Others call it focus, while some call it commitment. Barriers and negative feelings are going to pop up and try to snuff out your forward movement. But filled with desire, commitment to yourself, and the knowledge their is a path, you will succeed.
Strategy is the path to your goal. Everyone can walk that road, and you’ll get there as fast as you’ll give yourself permission to. That journey could be quicker than you imagine, so be your own startup accelerator.
Here’s 12 Key Market Leader Points to Cover
- feed and build your desire to be the market leader – business people don’t fail because they don’t have experience, connections, time, a process, money, resources, talent, and opportunity. They fail or underperform because of a lack of desire, motivation, or passion or whatever you might call it. You have to plant and tend that garden and grow desire, even if it makes you anxious.
- understand your market better than anyone else – if you can’t get data insight from NAR or your local mls, then look into how AI marketing software can help you know what your target is buying and why.
- be strong in the general market and leverage that in turn to dominate niche or micromarkets — it’s easier to build in a top down approach, than to build a niche expertise and work your way up. Niches may be stuck in niche heaven forever and never be able to escape their specialized brand image.
- build a unique value proposition that is well differentiated from your competitors – study what they offer and ensure your services are memorable, impactful, and are persistently in front of clients. Create a new product, category, and customer connection to make you the outlier that venture financing people look for.
- build your brand image on your UVP — your branding has to point to your real value proposition, not an idealized one conjured up from brand leaders in your space. Your brand has to beat the others and separate you from the pack on some key points.
- constantly build relationships with the right people — insist on connecting with the best associates you need to serve clients perfectly
- move on opportunities quickly — don’t wait for perfection, instead get into it and fill in the blanks as you go. This process makes you grow naturally so you really understand what you’re improving.
- focus on keeping clients happy — if you can’t keep your clients happy, they may not be the right clients. Write down what specific clients want, why they want it, and what emotional rewards it delivers to them. Really satisfied clients don’t leave you.
- be a better marketer – use AI marketing solutions, SEO, content marketing, content strategy, social media, ppc together to get your message and brand out there and be omnipresent.
- find the expertise you lack – finding that missing piece can be transformative if gives you new market knowledge, power, and management skill.
- acquire the financial funding you need to make your entrepreneurial effort work — development, expert staff, marketing campaigns all need a lot of money so finding an angel investor should be a priority.
- adopt and leverage new technology earlier and faster than your competitors — having better tools for CRM, marketing, and transactions puts you in the pole position
Desire + Audacity = Success
Audacity is the ability to overcome fear and limitations by going for it. As a topic, audacity deserves a lot of attention. Is audacity a character trait or a response to unavoidable challenges? If you think of all the reasons you can’t become top dog in a market, perhaps audacity is the most intelligent response. And the most productive.
The more you think about why you need to be market leader, the reasons will come and your desire will build. You need to spend time on the why because it powers your drive.
This habit of audacity is something that top entrepreneurs have. It’s audacious to think anyone can be successful but a lot of people do become successful and capture the market. You hear about them all time, those Steve Jobs, Mark Zuckerberg, and Elon Musks of business. Desire and audacity are their key traits, and they need to be yours too.
I’ve met some market leaders in real estate and they’re not smarter, better financed, knowledgeable than other agents. They are bold, audacious and something drove them to want market leadership more than anyone else.
You deserve to be market leader as much as anyone else. Be audacious and take intelligent risks. The rewards will be incredible.
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