Written by: Vickie Sullivan | November 28, 2017
How to Dominate a New Market Segment
The upside to all this disruption in the markets: If you can establish your thought leadership early, you can be the front-runner before others get into the game. The poster child for this: Michael Scott, journalist turned prominent thought leader in Bitcoin and block chain technology.
The backstory: Michael and I turbo-charged his perspective years ago. When this development showed up, he jumped on the opportunity. Michael used the systematic approach he learned there to establish himself in a market where he (and everyone else) was unknown. What he did (and the rest of us can do) to become the front-runner:
• Defined his territory: During Michael’s work with me, I told him to “pick a place and own it.” Here’s why: As a market grows, more players come in. And trying to be #1 in everything quickly becomes futile. This is a common market strategy mistake that leads to a diluted “old wine in a new bottle” brand. (Leadership experts, I’m looking at you.)
• Played the long game: Clients did not fall out of trees at first, but Michael kept at it. Because he was consistent, everyone knew what to expect from him. Once those expectations were established, more opportunities came his way.
Listen: Michael Scott shares the inside scoop
Michael no longer has to market his business; buyers come to him now. That’s because he got strategic first and then consistent with his strategy. Can we all be like Michael? You betcha.
Other Resources You May Like:
- How to Determine If You Can Build a Business Around Your Great Idea
- Outsmart Your Competition. Attract More Opportunities