How to Dominate Your Market…

First and foremost you HAVE to believe that you can dominate your market.

Second, in order to gain market share you have to be an industry leader, innovative and be on the cutting edge. Here are the standard options for gaining market share:

1. Expand the total market by finding:

New Clients

New ways of providing staffing services

Sell more services or additional services with each order

2. Protect your existing market share by:

Developing new ideas

Improve customer service

Improve your service effectiveness

Reduce your costs

3. Expand your market share:

By targeting one or more competitor

You also need to challenge your market. Create an aggressive strategy to gain market share.

Assess the strength(s) of your target competitor in your market.

Choose only one target at a time.

Find a weakness in the target’s position. Attack at this point. Consider how long it will take for the target to realign their resources so as to reinforce this weak spot.

Launch the attack on as narrow a front as possible. Whereas a defender must defend all their borders, an attacker has the advantage of being able to concentrate their forces at one place. In other words be specific and attack on one point.

Launch the attack quickly, then consolidate.

Some of the options open to a “market challenger” are:

Price discounts or price cutting (which I am firmly against but we all know a competitor who is doing this now, don’t we? Are they not being aggressive in their approach? This is why I’m saying that it’s time to fight or step aside.)

Line extensions – offer added value services that are “included” in your standard services

introduce new services

Reduce product quality (again, not the one I would choose but, it is an option and one that must be used with price discounts or price cutting)

Increase product quality

Improve service

Cost reductions (you’ve probably already done this – look at your ROI on each employee, specifically sales people)

Intensify promotional activity