How to Be a Market Challenger

Being market challenger is nothing short of amazing, but it takes a lot of effort to give a tough time to industry leader and enjoy massive sales and loyalty. Market challenger is one that is competing the leader in an industry and has only one competitor to tackle.

This situation might sound like a pipedream to many entrepreneurs and businessmen, but once you become a market challenger with effort and sensible strategies, you start to win over a large number of customers who were once interested in the leader. However, becoming the market leader is tougher than most market challengers think.

Instructions

  • 1

    Improve your business image

    The first commandment to becoming market challenger is to improve your business image. Business image is very important as it lets people or potential customers know that they are doing business with the right person/company. Improving business image may take years for some companies, however, providing a decent service to existing customers (no matter how many they are) is a good way to build trust and loyalty.

  • 2

    Follow market leaders

    Follow market leaders if you think that coming up with your own strategy may take a long time and a lot of effort. Following market leaders really works as it saves you the inconvenience of experimenting with new techniques and plans that may or may not work. If you are competing in consumer market, try to assess the leaders’ products and see how they grabbed the attention of thousands of customers.  Remember your aim is to snatch the old customers from current market leaders and attract new customers as well. Being unique and introducing a service that has never been on the market before is a nice idea, but it usually does not work, specially on a limited budget and resources.

  • 3

    Lower prices

    Another good way to penetrate the market and challenge the leaders is lowering prices. Price is something people are usually concerned about and they try to buy products that are cheaper in price and excellent in quality. It is hard for a small-scale business to lower prices and survive amid rising costs of production, but finding new ways to bring a significant change in rates is worth it as it almost always works.

  • 4

    Be unique

    Being unique almost always works and this is why it is considered the most effective way to become a market challenger. Try to introduce a unique service that will make people pay attention to you.

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