3 Tips to Become a Market Leader
strategy; strategic understanding 2021-01-08 Jeff Bondy

One of the best-kept secrets about strategy is that you are in control. You get to choose the game you want to play and plot how you might use this advantage as you go about trying to win it. Further, you can choose to lead across a variety of dimensions – market share, innovation, product quality, or customer service. The author of this article states, “you can tip the odds of success in your favor with these decisions.”

In pursuit of becoming a market leader, the author offers the following three tips:

  • Choose the Right Marketspace - be very thoughtful about how you select a focus. You need to find a market demand large enough to support your business’s growth.

  • Go Deep to Dominate – narrowing your view of “the market” allows you to go deep and dominate. By focusing properly you can meet more of your customer’s specific needs.

  • Gather the Courage – you must muster the courage to make the necessary decisions. Trepidation will hold entrepreneurs and CEO’s back from making a commitment to focus.

Instead, as the author states, senior management plays it safe by trying to be all things to all customers. To that end, mediocrity and average returns often become the result.

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