March 6, 2020

How to become a market leader in seven steps

Seven steps to building a market leading business

(and how to stay there)

When you make a decision to become a market leader and that you're going to own a market leading business... it's rather like making the decision to go to the moon.

It's a decision that not everyone is brave enough to make. It's also a decision that once made, gets under your skin, makes the hairs on the back of your neck stand on end and you set about immediately doing what needs to be done to build your rocket.

Size means nothing these days when defining a market leader, some of the most profitable companies have tiny teams running the show meanwhile lapping up the majority of market share. With technology making it far easier to do business we can achieve market leader status considerably quicker and with much less (wo)manpower. However...

Will you make it as market leading business?

A lot of businesses will never achieve market leader status because they just don't have the true desire to build a business for the long haul - hobby and lifestyle businesses that are built around being able to choose your hours need go no further down this rabbit hole.

Most businesses who have the dream to become market leading will still never reach market leader status because they fail to pioneer new solutions for their market and fail to strive for excellence in every area of their business.

And the sad news is - most businesses that don't decide to become a market leader, gradually fade into the background, they scale down and move onto the next thing that takes their fancy, always side stepping but never attempting the bold act of market domination.

Becoming a market leader isn't something you need to be convinced of, it's either an in built goal or it's not. If you're reading this and the market leading mountain looks less like hard work and more like an Everest to be conquered then you'll be part of the exclusive 1%. 

Although as the infamous Edmund Hillary puts it - 'It's not the mountain we conquer but ourselves.'

How to become a Market Leader -The Market Leading Business & Brand Scorecard

If you've made the decision, it's time to decide with action. Below I have outlined a scorecard for you to rank yourself and create an action plan to move forward. In order to achieve market leader status and stay there you should be striving for excellence in each of these areas.

  • Rank yourself 1-10 (10 being strongest) on how you're performing in each of the seven market leading areas? 
  • Write down one thing (that you are not currently doing) in each of these areas that you can work on to build to a Market Leading Business...

1. Disruptive & Talked About:

Disruption of your market is key to gaining their attention and getting your business talked about. Be careful however, make sure to disrupt with thought - market leaders don't get caught up in petty squabble. Draw attention for the right reasons with challenging & meaningful perspectives/fresh ideas.

  • What do you need to do to make waves in your industry? 

Exemplar market leading brands that do this well - Richard Branson/Virgin, Facebook, Tik Tok

Score Your Business -
Set Your Intention/Action Point -

2. Known for something specific (that's wanted by the market):

Relevancy is crucial in both making money & dominating a market. You'll find it hard pushed to find an entirely blue ocean these days but the more specific you can get on your ideal client (micro-niche) the better you can define your solutions and niche.

  • How niche are you? 
  • What are you / could you be known for that's unlike anything else out there and super specific?

Exemplar market leading brands that do this well - Rab, Smart Water, Google

Score Your Business -
Set Your Intention/Action Point -

3. Innovative, Unique & Pioneering:

Market Leaders have to continually lead with pioneering ideas and products; creating new solutions for their market. Ensuring that your pioneering ideas are solving the genuine needs of the market vs what you think might be quirky or fancy, is crucial to creating meaningful USP's.

It's no longer enough for your USP to be your personality, your longevity or how good you are at something - the market is far too saturated, sophisticated and bored for these golden oldies to be wheeled out. Every one of your competitors could say the same thing and do. It's important in this day and age to create a concrete USP that is one of a kind.

  • What are you doing/can you do that's groundbreaking for your market and industry?
  • What is your concrete USP?

Exemplar market leading brands that do this well - Spotify, Dyson, GoPro, Tesla/Elon Musk

Score Your Business -
Set Your Intention/Action Point -

If you'd like to learn more about creating a market leading, groundbreaking USP that your market can't get anywhere else, then make sure you download my free Market Leader Guide by clicking here!

4. Futureproof & Forward Thinking:

Staying ahead of the game is actually about scanning the horizon, taking stock of what's happening now and predicting the impact; and then looking at how you can harness a positive opportunity for your market & your business. 

Looking to the future can cause many business owners anxiety, but if you are to navigate the ever changing landscape it's imperative. In a lot of cases, a negative outlook like a recession is a great opportunity to take the lead as a market leader by adjusting your sails. Creating better solutions, providing peace of mind and hope during unsettling times positions you as a company who cares about their customers and as a leader to guide them through the uncertainty.

New developments in your industry can provide new opportunities for innovation and leadership. Early adoption of new discoveries is a great way to really hone in your niche and cash in on helping your market navigate these opportunities. 

It's also about predicting the growth of your business and how you are going to adapt to that growth in terms of business model, systemisation and processes. A business without concrete / signature products and systems is not futureproof and relies on YOU to constantly hold the organisation together.

  • How can you stay ahead of the curve in your industry?  
  • What can you do to ensure your business can run without you?

Exemplar market leading brands that do this well - Amazon, McDonalds, Netflix

Score Your Business -
Set Your Intention/Action Point -

5. Outstanding Customer Service & Results:

Market Leaders are customer centric in how they operate. With the growing use of technology it's imperative that market leaders use the blend of technology, personalisation and the human touch to ensure their clients/customers have the best experience.

That's not forgetting that giving your clients outstanding results consistently goes a long way to gaining the loyalty of your current client base AND market.  

  • What are you able to do to go the extra mile to wow your prospects and clients?
  • What are you able to do in order to achieve consistent results with your clients?
  • How can you improve your customer experience?

Exemplar market leading brands that do this well - Apple, EverTrek, DPD

Score Your Business -
Set Your Intention/Action Point -

6. Credible & Respected:

Gaining the trust and respect of your market and industry is key to staying at the top as a market leader. Being able to showcase your fantastic results, expertise and leadership in your field is imperative to your recognition as a go-to business in your niche. 

Writing a book on your specific niche, speaking, collaborating with key persons of influence and creating case studies/white papers are just some of the ways in which you can position yourself/business.

  • What can you do to continue to solidify your credibility?

Exemplar market leading brands that do this well - John Lewis, Tesla, Neals Yard

Score Your Business -
Set Your Intention/Action Point -

7. Strong Leadership, Sense of Worth & Boundaries:

The best companies aren't always the most convenient and they're certainly not for everyone. They have clear boundaries on who their products are for and who they want and do not want buying from them. They have strong values, a passion for what they bring to the table and a clear as day vision that filters down throughout the organisation. 

  • How are you embodying the qualities and values of a strong leader?
  • What boundaries do have in place to ensure you deliver the best service to your clients and run a sustainable business that you and your employees enjoy running?
  • Does your business have and own incredible expertise &/or elements that isn't available anywhere else?

Exemplar market leading brands that do this well - Steve Jobs/Apple, Microsoft, Amazon

Score Your Business -
Set Your Intention/Action Point -

Ready to rise to market leader level?

Then make sure you click here to download my FREE Ultimate Guide to Becoming a Market Leader so that you can speed up your journey and dominate your market.

Download my FREE Ultimate Guide to Becoming a Market Leader

In this guide I reveal - 

  • How to overcome a common mistake many business owners make that creates a barrier to dominating a market, so that you can make the change to reach immediate 'in demand' status.
  • Three crucial but overlooked market leading elements that will see you stand out of the noise and making waves in your industry.
  • The transparent and raw case studies of three business owners who were standing in the way of achieving market leading status and how they overcame the hurdles.

About the author 

Jennifer Hall

Jen Hall is Business Clarity Coach for Coaches, Consultants & Experts who want to become Unrivalled Go-To Experts.

Jen not only gets you clear on your micro-niche, message and what makes you unique and desirable, but she helps you to define what makes you an irrefutable offer to the market so you can position yourself as a high-end 'must have' option for your prospects.

She is a Multi-Award Winning Speaker and Best Selling Author of Expert Unrivalled.

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