Attaining a leadership position in the market can stimulate business growth and success. The first prerequisite to reaching a leadership position is a clear definition of the market. In automotive repair it becomes readily apparent that a finite geographic area can encompass many markets. There can be consumers and businesses. And further breakdowns can be found in types of vehicle or special interest such as performance. Auto repair businesses will enter these markets with the goal of servicing a specific market. The ability to read the environmental and industry indicators and anticipate where the market is heading will provide the opportunity to establish a leadership position. Following are keys to market leadership:
- Vision – To excel in the marketplace it’s important to recognize where the marketplace will be. If all focus is on where the market is then opportunities will be limited and the benefits of marketing efforts will quite possibly be short-lived.
- Innovation – Market leadership requires creativity and an environment in which forward thinking ideas are welcome. Development of new service and product offerings as well as new ways to bring them to market should be nurtured and sought after.
- First to Market – The company that first introduces a new product or service will have an advantage in that consumers tend to stay with what they have rather than change. So if all other factors are positive for the customer they won’t change service providers.
- Product Enhancement – There are opportunities to improve any product or service. Enhancements are necessary to maintain a leadership position in the marketplace.
- Quality – To maintain a leadership position quality of products and services are essential. Customers will stay with what they’re familiar with as long as quality is consistent. If quality declines then they’ll consider other options.
- Differentiation – Establishing and maintaining a leadership position requires uniqueness in the eyes of the consumer. They must experience what sets the product apart from the competition.