CHAPTER THREE | HOW TO BECOME NUMBER ONE IN YOUR MARKETPLACE
I honestly believe that before you can say you are doing well in your business, you have to be the number one in your marketplace.
Your aim should be that your business should be one of the businesses that will be mentioned when your industry is being talked about.
Being one of the names that pop up in people’s head when people talk about your industry is what is known as the Evoked Set in the academic world.
You just have to be number one, even if it’s arguable.
So how do you become number one, or worst case scenario, a part of the evoked set? The truth is that it is hard and it can take you years of building, branding and credibility to get there. But I have a smart short cut you can follow which is…
Be The First In Your Market Place
One way to be in the evoked set is to be the first to enter your marketplace. When you are the first, you have engraved your name in that marketplace no one can ever take from you even when others come with better products and services.
Being the first in your marketplace has a lot of benefits. Firstly, you will be able to use the tag anywhere and no one will be able to dispute it.
Another advantage of being the first is that people will see others as a copy of you and if you are doing a decent job people will always refer to you as the gold standard of that industry.
Assume you already have a business and you cannot possibly be the first, what should you do?
Add a part or feature no one else is doing to your business or change the focus of your business in it’s entirety.
Another thing you can do is to come up with a business model that will disrupt the industry.
Add a Part or Feature No One Else is Doing to Your Business
When you succeed at something, others will follow. So think very well.
Change the focus of your business in it’s entirety. Change your focus and who you are targeting.
You can tailor your business to cater for a part of the industry you are in. Become the first in that sub sector and dominate it.
It is important to be the first. You will be noticed quickly.
To be a major player in your industry, try to become the first or disrupt an existing marketplace with something new.
Go into an industry and deploy a business model that makes it easier and financially better for the customers.
Disruption is a process that displaces an existing market, industry, or technology and produces something new and more efficient and worthwhile. - Prof. Clayton Christensen, Harvard Business School
To disrupt a market, you have to do something new. Something efficient. Something those in your market are not doing.
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