Most businesses aspire to be a leader within their chosen industry. Company bosses often work towards increasing their market share to the point that they’re selling more products or services than any of their competitors. It places them in a dominant position and helps ensure the long term survival of their company.
However, though sales are important, market leadership isn’t necessarily just about who can sell the most or make the most money. In fact, leadership is increasingly less about sales and more about influence, something that’s changing the way businesses relate to other companies in their industry.
Traditionally, the market leader has been the company that sells the most, makes the most money and adopts new technologies and techniques ahead of their competitors.
However, this is no longer necessarily true. Small start ups and family-run enterprises can now have an impact on their industries without big marketing budgets, creating a name for themselves purely through the use of clever marketing techniques, excellent communication and innovative strategies.
Authority and influence
Instead of blindly focusing on the bottom line, we now need to examine a business’ influence on their industry when talking about market leadership. Companies actively involved in B2B and B2C marketing campaigns, taking time to build up strong relationships with their customers, now have more influence than much larger companies. Professionals who put the effort into building and maintaining their client base are making strides.
These ‘thought leaders’ can influence everything from the accessibility of their industry to the demographic they appeal to. By promoting best practice and being actively involved in developing their sector, they can earn the respect of both customers and competitors, something that will help to boost brand awareness and market share.
How to become a thought leader
If you want to become a thought leader within your industry, you need to put your expertise out there. This could mean sharing expert knowledge via blog posts and advice forums. Making yourself available to customers, even when they’ve bought from competitors, places your business firmly at the forefront of your industry. The more help and support you can provide to customers and other businesses, the more people will see your company as a leader. This ensure customers trust your business and will make it more likely they’ll buy from you in the future.
In order to become a thought leader you’ll also need to offer excellent customer service as you’ll be judged by the way you communicate with the businesses and individuals who get in touch. This means upping your game when it comes to both inbound and outbound calls and making sure everyone who works for your company can deliver.
To find out more about becoming a market leader, or to find out how we can help you to improve your customer service skills, contact a member of our team today.