Market leadership isn’t necessarily about being big. It’s about defining a niche and owning it, or creating a market that didn’t previously exist. Apple is a classic example of this: they have never had a dominant share of the personal computer market, but their leadership in their niche is undisputed.
There are many ways for a company to become a market leader. Offering a unique product that captures consumer interest can catapult a company to leadership status. Significantly improving an existing product can have the same effect. Even a new approach to the packaging and positioning of an existing product can raise a company’s visibility. In almost every case, branding and marketing play essential roles in establishing a company’s leadership in the marketplace.
Four Steps For Establishing Market Leadership
1. Attain Laser Focus — With so much competition, the key to successes is focus. What exactly does your company offer that’s different and valuable? And who’s the ideal customer? Without approaching the market with this level of understanding, there’s no way to stand out.
2. Power Up Your Brand — Focus is the heart of branding, and branding gives the company the look and feel that consumers can relate to. Branding is more than cool graphics and catchy slogans, though – it’s the tangible definition of a company. Getting the branding right is crucial. Without it, the target audience won’t respond to marketing.
3. Invest in Clear Marketing Strategies — Successful marketing is never scattershot. Strategies have clear objectives and planned actions that build awareness, generate leads and drive sales. Strategies can change, based on feedback from the target audience. But not having a plan? That’s the certain road to failure.
4. Never Think You’re Done With Branding And Marketing — Branding and marketing need to stay current while retaining their core messages. Take McDonald’s golden arches, for example. The logo has remained essentially the same since the 1960s. But it’s gone through a number of updates and has multiple variations, which are used to target different audiences.
Many factors contribute to becoming a market leader, but strong branding and marketing can turn a good company into a great one, simply by reaching the right audience.