Protecting Your Hard Earned Market Position
You work so hard as a business owner, entrepreneur or executive, to build your companies or business unit’s market position, but if you don’t continue to protect that position it can slip away in a heart beat. Protecting your Market Position is a very important part of business success. There is no foolproof way to shield your business, remember that our competitors are relentless too! That said, you will find best practices for the market leaders that can boost your efforts to maintain or gain market share.
But most business people won’t go that far, building market protection strategies, that will prevent most of the market position your company or business unit have gained take effort. How do people steal or overtake your market position? There are many ways, of course, but among the most effective is building a relentless “strategic intent”, building a constant focus on “Innovation”and having a “stretch vision” culture. The key of course is to know how to implement and sustain these winning techniques.
Some business people will put some time and thought into one of these strategies but that is simply not enough to sustain and grow Market Position. It’s just not. All the hard work and perseverance that a company puts into being among the top enterprises in their market will not be enough to sustain that position, let alone grow it to the very top. Some people falsely believe that once they get in a favorable market position, they can simply sustain their current programs and strategies and they will maintain. Are you kidding me? If you are not growing and moving forward, you are absolutely falling back. Sustain with the status quo…are you in dream land!
Some people actually do implement one of several strategies. They will see some very good results from their efforts. Eventually, this will not be enough, particularly if you are among the market leaders. You must have a comprehensive , unrelenting and focused set of market strategies.A cohesive, integrated and well executed program is required. The integrated market protection/growth strategy involves the following, at a minimum
Strategies for Protecting Your Markets
√ Best Practices Crating Customer Value as Job #1
√ Unrelenting Strategic Intent,
√ Creating Differentiation Innovation,
√ Business Unit Involvement. Everyone must be an Entrepreneur…Everyone!
This is a different type of mind-set because it involves thinking much more comprehensively about building integrated into one well conceived strategy. Most people don’t do that,of course, but those that do will be in a much better position to protect their market position and grow it higher.
You can easily develop and set up your own Market Position Protection Plan with the right program. You can set up a draft strategic plan in a very short amount of time and begin getting the team totally involved in “Market Think.” There are Three Strategies for Market Leaders, Strategies that will be integrated into your plan:
1. Bold and outside the box Strategic Vision
2. Building a Winning Team
3. The daring and relentless pursuit of Innovation
Building a cutting edge Strategic vision involves vision, stretch mentality and competitive intent. The Winning Team means a lean growth culture with great team-work. Innovation,the “mother-of-all” competitive advantages, means creating a culture of fast and nimble entrepreneurial innovation.
Additional Management Resources
To check out this great resource for Protecting/Building market Position, simply
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Learn more about these advanced concepts click here>Three Strategies for Market Leaders. Michael D. Moore is a veteran executive with over 40 years of experience in the Insurance and banking industries in the United States. He is the creator of the website, which strives to bring real world experience, proven skills and valuable delegation tools to managers around the world.