The Market Leader Strategy
An Organisation does not become a market leader by chance, luck or a miracle. It takes a lot of planning, setting objectives and other environmental factors to build an organisation that can really compete and lead other businesses in the market. The organisation must have a clearly defined STRATEGY.
A successful strategy can take many forms. it may focus only on growth, sustaining its position within the markets in which it operates, attacking other competitors, or simply follow what they are doing . But it has to have a targeted strategy to its segment of the market whatever strategy it follows.
How do you choose the strategy that best suits your business?
It is not easy for an ordinary person to figure out the strategy guidelines, but if you have an objective, it has to be communicated to a professional marketer who will be able to put your plan into action and give you the best advice.
The components of a strategy will include your scope, mission, and intent of the organisation, your company goal and objectives, the source of your competitive advantage, the development strategy for future growth, and how to allocate your business resources to get maximum return on investment, and of course, your sources of synergy.
Many businesses fail to achieve good revenue or even commit to their basic financial obligations because they didn’t have a plan, or a strategy, no matter what industry you work in, and no matter how much you think you know about it, you can not start a business without knowing where are you heading to.
“For example, if you have worked as a baker for so many years, you think you are able to open a bakery, simply because you know how to make bread”
So… how do you take the first steps and how do you actually become a market leader in your industry?
The words might seem theoretical somehow, but as much as they relate to theory, they relate also to reality!
First, it is important Knowing who you really are, what you do and where do you want to be in the short and long term.
Your mission and vision statement will represent your identity, every business must have an identity and a goal, you are not out there doing what you are doing just to make money, or at least, you don’t want it to look that way in your customers and your prospects eyes.
So… you have done your research, you know who is your target market, and what products and services are you going to offer them, you know your position in the market, your resources, who are your competitors, and what do you want to achieve?
Now, what makes you different is a competitive advantage which makes you stand out from the crowd, what is it that you can offer your customers that your competitors can’t? or even if they try to, how will keep your business at the top by staying up to date with the industry trends and avoid being a copy of everybody else?
“If you are a market leader, You are different and that’s what you have to communicate to your customers”
The competitive advantage is not necessarily a product or a service, it can be the added value which your customers see beyond the purchasing experience or the transaction, it can be financial, social, emotional, ethical or technical.
You can communicate your competitive advantage in your strategy, by highlighting your products and services benefits, attributes, and points of difference.
Your strategy has to make sense, give a positive image of the firm and a sense of direction, it has to be relevant to what you do,and put some value in employee achievement.
A market oriented strategy will respond to customers functional needs, and to the physical products or technology you have available.
Unethical standards in your strategy can have serious marketing implications, such as damaging the trust between your business, your suppliers and your customers, which will also result in loss of sales and profit over time.