The best strategy in leading a market is to be in control. By being in control, we can choose the games we want to play and can see clearly how we can win them. In this way, we can lead on multiple dimensions—market share, innovation, product quality, or customer service. The problem is, how can we lead?
Okay, let's say we're in the shirt business. Is our market "a shirt retail"? Or is it a specific market for retail distribution such as "plain, minimalist shirts for young employees"? Our answers will determine the opportunities to become market leaders in the future.
There may be little chance for us to dominate the shirt market in general, but we can be a market leader in a certain market niche. So why focus on flannel shirts and children's shirts, when we can focus all of our attention on the niche market that appeals to us the most?
Choose your Market Space
FCB Group, which is rated as Australia's leading workplace relations specialists, was faced with a situation where they had to determine the market in 1995, at which time they were still a “mediocre” employment services company. In the years since its existence, their business partners have realized that this company will never become a market leader by showing little of its expertise amid a wider range of clients. They bite their fingers realizing it. It's time to define the market, they thought.
FCB eventually focused itself as companies with "complex employment structures" in three industries — logistics, retail, and FMCG (fast-moving consumer goods). They reasoned that clients in this category did not internally have expertise in the legal field, which was necessary.
All business partners in the FCB Group have finally agreed to become the legal department in human resources for clients in this sector. Their initial mantra in pursuing this strategy was "responsive at the right time", which made them more focused on their business. And it worked. They chose their market, focused there, and revived their business. Today FCB is the market leader in the market. niche.
Of course, we need to be careful in choosing what to focus on. Defining the market requires an assessment that is based on client needs and business capabilities. Not only a niche, but we also need to find a large enough market demand to support our business growth.
Gather the Courage
It may sound simple, but not many leaders are willing to do it. Lack of courage to make the necessary decisions often keep company leaders from committing and avoiding commitment leads to a lack of focus. Instead, these leaders tend to play it safe trying to be leaders in all market niches. The results often culminate in mediocre class service.
Steve Jobs once said: “Deciding what not to do is as important as deciding what to do. Valid for companies and products. "So, start thinking about the" market "that we want to target with a variety of perspectives. Doing so will increase our chances of success and becoming market leaders.