Request a Quote

Market dominance – for many companies it is the ultimate measure of success. The strength of your brand, product, service and company relative to your competition all impact your ability to achieve this coveted position. One of the most common measures of market dominance is market share. General thinking is that a company, brand, product, or service that has a combined market share exceeding 60% has realized both market power and market dominance.

Strategy not Luck is the Key to Achieve Market Dominance

Strategy not Luck is the Key to Achieve Market Dominance

What It Means to Dominate

To dominate a market, you must dominate each of the following: every sales territory or market area, the key accounts within each market area or territory, the primary contact relationships within these key accounts. Here six primary capabilities necessary for achieving Market Dominance: 

  1. New product innovation
  2. Value-added selling
  3. Superior customer service
  4. Appropriate pricing models
  5. Exceptional Upstream Marketing with a Capital M
  6. Capacity and technologies considerations
  7. Solid sales skills

In some instances, to attain market dominance you will need to unseat the current market leader- be the market challenger. In an established market, this may require you to “poach” customers by taking “satisfied” customers away from competitors. In other a new market, it may merely be a race to secure the king pins in the market or the largest number of customers to tip the market to your company. There are various strategies to market dominance, which is why it is often helpful to work with strategy experts. 

Six Keys to Achieving Market Dominance

You want it. You have achieve market validation, market traction and penetration. You can see dominance on the horizon. To achieve dominance you need a clear idea of how to measure it. Once you know what constitutes market dominance, here are six ideas to assist you with your quest for market dominance:

  1. Develop strategy tools for the Sales team. A market dominance strategy needs to encompass every facet – from territory to contact. It requires a new focus by the entire sales organization, and a set of integrated business planning tools and processes. Market dominance means the Marketing team needs to help salespeople manage the added complexity of opportunities, key accounts, and territories. Your CRM tool will need to be more than a way to monitor the pipeline. It will need to include a strategic planning component and integrates with the company’s entire communication infrastructure.
  2. Build a territory and strategic account management plan. Develop, share and evaluate sales progress with Sales team members, Sales management, Marketing, and others are needed to help with the effort. Incorporate other technologies into the sales process such as configurators to help with pricing. Whether you are using an account-based Marketing, strategic account, or customer success plan method for keeping and growing the value of customers, develop and implement a plan. 
  3. Develop a new solution roadmap and strategy. This strategy needs to be based on creating and servicing customer demand.
  4. Leverage intelligence in real time.  Dominance requires agility. Agility requires the ability to quickly act and react.  Keep a pulse on the target and develop added-value selling strategies and programs.
  5. Keep customers front and center. Market share includes revenue and even more importantly it means counting customer. Ensure everyone who touches the customer has access to customer information. Develop personalized customer service and experience programs.
  6. Focus, focus, focus.  This is not the time to be opportunistic. If you want to dominate in a market you must focus and be willing to sacrifice other opportunities. All of your marketing programs need to target the right targets with the right message. This will require having comprehensive, accurate market and customer intelligence.

Fascinated with market strategy?  Check out this post, MARKET STRATEGY: HOW TO IDENTIFY, ASSESS AND CHOOSE ADJACENCIES WISELY.

Comments are closed.

Follow me on Twitter

%d bloggers like this: