Becoming well known seems to be a key goal for a lot of business owners but is it really the goal you should be striving for? Spoiler alert – No! Being well known is only half the story to becoming a market leader and in some cases the journey to becoming well known is even damaging credibility.
In this episode we cover:-
- I reveal the crucial missing piece to becoming a market leader and dominating a market.
- How you can become well known for being worth knowing without resorting to desperate visibility tactics that could damage your credibility.
- Key examples of market leaders who have got it right AND who have got it wrong. Market leading names mentioned inc. Dyson, McDonalds & Spotify
Download my free Ultimate Guide to Becoming a Market Leader – http://bit.ly/MARKETLEADERGUIDE
Book a Call with Jen – bit.ly/claritycallpodcast
Send your emails to firstname.lastname@example.org
Please note this transcript is machine generated so it is not perfect and should be used for reference only, you will get the best from the podcast by listening to it in it's designed format.
If you want to become a market leader and you are solely focusing on getting your name out there and becoming well known. What I'd like to burst your bubble today to tell you why that isn't enough, but what is.
Hello and welcome everyone. This is Jen Hall here, your business positioning coach and market leadership expert. Today we are talking about why being well known is not enough and it's going to be a little bit of an eyeopener and I'm going to be using some really great examples from current market leaders. And market leader has being well known is important, absolutely. But why definitely 100% is not enough. It is only half the story and if you've been listening to the podcast for a while, it's about now that I invite you to book a chat with me to talk about becoming a market leading business and how I can help you do that. Now that offer is still on the table. Do book your call using the link in the show notes, but however shock horror I have, something else to offer you today which I thought you might enjoy.
And that is my ultimate guide to becoming a market leader, which goes through four key overlooked elements that people do not harness enough in order to reach market leader level very quickly. And it also includes in there three client case studies that show you exactly where they were going wrong in terms of overlooking these critical elements that you need to put in place and how we work together to really hone in on those things and achieve market leader status. So I'm really excited to offer that to you today. That is in the comments. If you are listening and you can't be bothered to go and find them, then please follow the link http://bit.ly/MARKETLEADERGUIDE and that will take you to exactly where you need to go to download that for free.
It really is an excellent resource, has some fantastic feedback about sets and I really hope that it opens your eyes to what you need to be focusing on in your business in order to reach that market leader status. So let's get stuck into this particular episode. Now we all know, or you may already be a eager networker or you could be a Facebook famous coach. And like I said, you might be that or you may actually know somebody who is that person. But the thing is that they might all be well known in their circles and sometimes in their industries, but all the market buying from them. Sometimes yes, sometimes no, depending on whether they've got the other half of the story right where they've got the other piece of the puzzle, the question that you have to ask yourself if you are that person who is well known is: do they love me or do they just know who I am?
And that's really important to identify because I know a lot of people who are Facebook famous, LinkedIn, famous, however you want to say it, who are actually pretty well known in their circles and in their industry. But there is absolutely no way I buy from them, nor do I really class them as a leader, I'm not mentioning any names out here. If anyone is popping into your mind, it is not the mouth it comes out of. It is the mind that goes in as they say. So I will leave your imagination to run as wild as it is it likes. But you know, I wouldn't necessarily spend my money with them, certainly not of any degree of any particular expense. And I kind of look at how they behave out there. And you know, I really don't gel with them.
Now you could argue that yes, I'm perhaps not their ideal client. But, all day market leader material that I can say with absolute certainty, they are absolutely not. Because their, their bank balance reflects it. A market leader isn't just somebody who's well known, they are a leader in their field that is getting a good proportion of the market share and continues to do so. And if you are not that or that kind of it and you're not delivering, if you're not leading well, if you're not a strong presence of the people continually love and want to buy from moving forward, continue again and again, you going to be a complete flash in the pan and it's not going to work out for you. So we have to remember that in order to stay at the top and to keep that market leaders status and to actually even get there in the first place, we have to start being well known for being worth knowing.
Now, you've probably heard me say that sentence is, it's on my vision boards, it's everywhere. It's, it's a real statement that I live by and it's something that I embody in my businesses all of the time. It's to be well known for being worth knowing just because you're memorable because you perhaps even might be doing the right so you could be disrupting the industry. But there is such a thing of disrupting in bad taste, which is what I've see go on a lot on Facebook in particular and now unfortunately that's now come over on to LinkedIn as well. People are becoming well known for that, for, for doing those things and those antics. But actually their bank balance is balance isn't reflecting it and they're not gaining a large proportion of the market share.
They will become old news eventually when people get bored of talking about these particular antiques and that disruption, you've got to disrupt in the right ways. You have to be a powerful leader and have a powerful presence that people respect that that's credible and credibility when it comes to market leadership is so, so important. When I'm talking about these types of people, that's really what they're missing. They're missing that credibility and they're not worth knowing. They're just well known. The true market leaders, they strive for accidents and they continually pioneer new solutions for their market. I want to kind of share a couple of examples with you today around market leaders who already exist, who will place a good idea of what I'm talking about and what this other missing pieces. This worth knowing piece is around the fact that you're doing everything you possibly can for your ideal clients, for your market, that they are top of mind when it comes to creating new solutions.
When you are looking to improve your business they are at the heart of those decisions. And that's what market leaders do. They put their customer or their client or their market in the center and they revolve every decision around what they would want to see happen. And at the end of the day, you don't decide if you're a market leader, the market decides if you're a market leader. If you're not putting them first and you're not making your business a customer or client centric business, then you are going to seriously struggle to ever attain or achieve a certain level. That doesn't mean that we have to pander to people or to try and appeal to everybody. Certainly not. That's something that I wouldn't recommend you do, but for the type of client that you want to work with, and that's really about identifying who that is, but putting them first and making sure that you're taking that individual and saying, what would they want to see?
How can I help them? How can I pioneer something that's going to better their lives, better their business, whatever that might be. So let's look at McDonald's for instance. Obviously McDonald's is well known, but it's also well known for being worth knowing. They have clever processes, allow them to consistently produce genuinely fast food to a good standard. I'd like to say accident standard, but I'm not a huge fast food fan so I'm just going to say good standard, but either way to a good style or that people want to buy every single time, but they haven't just stopped there. They're introducing new ways all the time to adapt to the market's needs. Talking about putting the client at the center of what you're creating, that's exactly what they've done. And so recently they introduced it, well two things, one more recent than the other and you know, I don't know whether you've experienced whether you'd go into McDonald's very often or not, but for instance, they created a new self ordering service where you can go and order your meal on the screen rather than having to queue and wait for someone to serve you.
And now they've also introduced on top of that to make it even easier and quicker. Is a table service option where you click to say you'd like it to go to your table, you click one if there, sorry, pick one of their table stands up with a number, you type that in on the screen and then they bring the food to you. Now, they've obviously looked around and seen, and ask a bit of market research about what customers want and say for instance, we know that none days uses that system in terms of the table service. So you tell the table number and they bring the food over even though you're the one that has to order it. So they're adopting and adapting things that already work in other market leading restaurants and say, okay, what can we do and what spin can we put on ours?
That where we could adopt something that's clearly being very successful. There are no new ideas, guys I know say a lot, but they really aren't as it, there's nothing wrong with looking around at what's currently working, what's currently successful and improving on that, making it even better with your ideal client in mind to say, okay, so how can I use that in my business? That idea to help my customers and then putting your own spin on things to make it really unique to you. So market leaders continually pioneer new solutions and McDonald's is testament to doing that. Now, I'm going to give you the next example I'm going to give you is going to be rather interesting one. So if I could do a show of hands, if you're in your car walking, that's all people think you hear slightly strange putting your hands up, but hands up who rubbing up used to say I'm going to go and get the Hoover. Now, Hoover isn't actually a noun.
We use it as such. It's actually a brand name. You know, the real name is as we know is vacuum cleaner. But what we do is that we've adopted a very well known name that was doing one at the time and we've used that as a noun to describe what we're about to do and also is a verb. So I'm going out to getting do the hoovering. So it's really interesting how we've adopted a brand name as an actual name for something. It's not very often, but it happens. It's not like you go, I'm going to go for McDonald's and you're actually eating just a random burger or going to burger King. They thought I had a very strong brand in order for that to happen. How ever as we know who here actually owns a Hoover anymore and who here actually owns a Dyson vacuum cleaner. Now, just because who we're as well known doesn't mean that they're actually making much money anymore when it comes to vacuum cleaners.
In fact, Dyson is creaming off the market share with a pioneering design. Dyson is well known for being worth knowing. And I think I talked about Dyson on the last episode, but they've come up with this amazing new technology that has improved on relatively boring product that everyone's very excited about? I tell you what, I went through a few cheap vacuum cleaners over the last couple of years before I just gave in to buy a Dyson. Yes, it's more expensive, but my gosh, would I buy anything other than a dice? And now no, because it doesn't pick up everything. So for straighten, hoovering, CVA, with a vacuum cleaner that doesn't pick up the dirt. It's just frustrating, especially when you've experienced the power of a Dyson and you see that I slipped it back into old habits.
I use the word hoovering and that's just not the right word. It's not the right word, but they've created such a strong brand that's happened. But I bought a Dyson, I own a Dyson and I've spent more money on a Dyson. I'm not going to touch a Hoover with a barge pole and I'm not sure even out of the cheap vacuum cleaners that I, but they bought before the Dyson was even a Hoover. So again, another testament to, you know, being well known, there's not enough. You have to keep thinking about your ideal clients and how you can come up and create new pioneering, groundbreaking solutions to help them that you can then make waves in your industry with as well because not only is that going to reflect in your bank balance because people are gonna more likely to want to buy from you because they can see a genuine benefit to doing so, but your industry is also going to be an or of what you're creating and you're going to be recognized as somebody significant in the market that's really doing something that is shaking everything up and changing the landscape of your industry.
Now, how amazing is that from perhaps an egotistical point of view, but wow, what an impact for the company Dyson has had, not just with their products but with how they operate and that innovation for design is just absolutely incredible. It's two fold that's really raised their credibility and their visibility and it has got the more well known of that thing. But they're well known for being worth knowing, not just for the sake of it because they've created some drama in the market but because they've pulled a stunt or done these things you, these things can help to keep you top of mind but they're never going to be a critical reason as to why you reached market leader status. And remember you don't decide to become a market leader.
The market decides if you're, if you are one you can strive to be one that you know you have to put people first. Now, I'm the last example that I gained to pull out for you may or may not be a name that you are familiar with. There is one name that it's connected to which you will all know who I'm talking about. So we all know the wonderful Spotify. I use the service of Spotify. I think it's amazing. I've been an early adopter from the word go and I'm still a user and now there's this controversy in the music industry around Spotify and so and so forth, particularly between Sharon and Taylor Swift and look that one up if you fancy. But Spotify has dominated the market and also changed the way we buy our music with the streaming and the downloads versus the CDs, those round things that you put in the machine.
They have completely shaken up the industry yet again with a new idea. Now, there was a lot of controversy because people felt within the music industry that Spotify was taking away the money from the artists. That's how they felt and there is probably truth in that and so and so forth. So good old Jay Z and this is the name that you will know, Jay Z decided to do something for the artists. And so he started his kind of Spotify rival company title. Now, this is the name that I was thinking that a lot of you probably would never have heard of. And if you have, you know that it was an absolute flash in the pan. It didn't last long at all. Now, Jay Z is I guess an example of a market leading personal brands along with his wife, Beyonce.
They are known around the globe for their incredible contribution to the music industry and really keeping it the, the, the, the forefront of the music industry as well, always creating new stuff and also putting themselves out there as the personal brand that they are and really being a celebrity as it were. But again, being well known doesn't necessarily mean that you're going to be successful. That absolutely plummeted. And the reason why it plummeted is because, yes, it was very noble of Jay Z to want to give back to the music industry. But unfortunately the mistake that he made was actually looking at the customer. What he was looking at was protecting all of the artists but failed to deliver something that would serve the customers who would actually be buying from him. And that's why it didn't last.
That's why it could never rival Spotify. It wasn't offering anything new that Spotify wasn't already doing. And you were also not really being served as a customer. Why would I choose to go to something more expensive when I offered something cheaper that does the same thing. And this is what I really want to hammer home on is the fact that you start creating the same things as everybody else. You become a commodity. You are an Apple compared against another Apple. And that's the challenge. The challenge is, is to continually pioneer or business whatever business you are in. I hear a lot of the time: how can you as a service based business cause you use a lot of examples around product businesses, how can you be different? How can you pioneer?
And my argument to that is, is that you've got it easy. A product is genuinely stationary. S product is your product and you can reinvent it. So we talk about apples rappels you've got your Apple naked bars, you've got your innocent smoothies, you've got your candy apples and so on and so forth. But you know, they cost time and money to recreate. Creating products. It's actually a lot harder than putting together a service package and making that tangible. It is relatively easy. And so you've got an easier, guys, don't be thinking that just because you're a service based business that you can't pioneer. Put your ideal client, figure out who that is. And when I say figure out who it is, I'm not just talking about, oh well, you know, I help entrepreneurs. I mean really to the very last detail what corner of that market are you really serving?
Who do you want to serve? Put them at the forefront of your pioneer in designs when it comes to the king, your services and what can you do in your business to their experience to improve their results, to get them better transformations. That is where your ideas are going to come from and it means yes, absolutely that you're going to have to up your game and that's where we have to identify the gap between your reality at the moment and what's possible for your business moving forward. You have to identify the gap and not just rely on what's with you at this current time because there's always room for learning, new skills, improving upon what you have, collaborating with other experts. There are so many things that you can do that would fill the gap and really improve on what you currently do for your clients.
You've got to be innovating, you have to be creating groundbreaking new solutions for your markets. If you are not doing that, just being well known is not going to be enough. The CommonWell known for pioneering these ideas, that's where I suggest you focus on. So if you enjoyed this episode, please do make sure that you download that market leading guide because that will give you a few more hints on the other areas in which you need to be focusing on that are massively overlooked for service based businesses. I'll give you the link again, it's http://bit.ly/MARKETLEADERGUIDE. Just had a show notes if you want to just click and go. And also if you'd like to discuss with me how I can help you create those pioneering ideas inside of your business and focus on the crucial areas to get you to that market leader level status. Then make sure you book a call with me using the link that's in the show notes, but it's bit.ly/claritycallpodcast. Both of these things are in the show notes and I really look forward to either seeing, download the free guide or speaking to you on a call and I will see you in the next episode.