The corporate world is all about who leads and who follows. Everybody is running the race to be at the top yet there are some who lay behind and become market followers while some reach the top as market leaders. So, what it takes to be market leader and more importantly maintain that position of the leader? In this ever-changing global scenario, the environment changes within no time and you have be constantly on your feet, thinking about what can make you different and noticeable. Being a market leader is about holding the largest market share of a particular industry or a segment.
The new approaches that regularly hit the market have transformed the very nature of market leadership. It is not just about being the biggest but also about being the best. Shakespeare had once said famous words on the line of “What’s in the name.” However, the corporate world has proven that it’s all there in the name that you build for yourself. The core objectives of modern market leadership are defined by relevance and purpose. Modern market leadership is about being dynamic, networked, collaborative, and innovative. Technology has played a major role in opening up of the newer avenues for being a market leader. If have significant control over the relevant technology, you have higher chances of being a market leader of your industry.
Here are the examples of the market leaders, which can help inspire you being one:
Their belief that technology innovation of today will help find solutions to the challenges of tomorrow has made them reach where they are in the present scenario. The realized that with technology comes opportunity and they converted this theory in to reality. They are all set to enrich as many lives as possible through their strengths i.e. innovation and technology.
It is impossible to forget Apple when discussing market leaders. We are almost consumed by Apple, from iPad to iPod, it’s Apple all around. iPhones customers are the most loyal; they will not shift from ios to anything else, but the latest iPhone versions. Apple range has everything from technology to class and this is exactly how you reach the top by being the box full of good things.
When the world turned online, Amazon played it right. This online retailing store is definitely the leader of the industry. The innovative ideas, the marketing strategies, and the advertising tactics all went in favor of the store and made it the market leader, setting an example for all.
This Kuala Lampur based airline has become the world’s fastest growing airlines. It has been ranked as the most profitable in comparison to all others and stands on the pedestal of market leader today. This low cost airline is attracting all eyes to itself leaving its competitors envious.
This is just a small list, there are lot many examples that can be motivating and inspiring that will help you be a market leader at least some day or the other. You have to take a strategic approach in order to be a market leader. The strategy should be such that its cost controlling, customer oriented, holistically designed, and smartly executed. It should be able to cover all major areas of the market and should become a reason to converse about. the vision of the strategy should be clear and well directed. It should be skillfully designed anticipating the challenges of the future.
The key to being a market leader is being innovative, creative, and flexible. Acting exactly the way the situation demands and making open to make necessary changes can help you establish yourself in the longer run.
Summary: Market leaders become leaders through constant innovation and efforts. This requires crafting a strategy that is planned anticipating the future requirements and challenges.