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Daring to be different – A strategy for increasing your market share

By John Cleary
22/08/2019

Daring to be different – A strategy for increasing your market share

In a world of competition, nobody would blame someone for thinking every market is facing some level of saturation. There is no limit to what you can buy and there are many companies trying to sell it to you. It can make increasing your market share difficult. But what we are focusing on is, in situations like this, who secures the customer’s interest and purchase and why? 

Market share

We know gaining a huge market share, even against the tough competition, isn’t impossible. Just look at Google Search. They hold a market share of over 88% in the search sector. Their closest rival, Bing, hold a measly 4.81%, and Yahoo 3.13%. With desktop PC operating systems across the globe, Microsoft Windows holds 75.47% of the market share, compared to their closest competitor, Apple MacOS X, with 12.33%. 

These huge market shares clearly pay off. We all know how well Bill Gates and Larry Page are doing today. But their huge market shares came from a time when the world differed greatly from the way it is now. 

Emerging tech

Larry Page and Sergey Brin founded Google in 1998 when the internet was in its infancy, and they quickly eclipsed the likes of Yahoo and Ask Jeeves. Bill Gates and Paul Allen founded Microsoft back in 1975, creating revolutionary software which nobody had ever seen before. It soon became a staple part of the evolution of IT technology. 

These examples show two companies who have held onto majority market shares for decades, partially because they offered a new, innovative product when people didn’t even know how much they needed it in their lives. And, as they did, they were able to perfect their products with the huge capital they had built over the years with strategic, innovative development. 

But for companies who enter a market which already has a high level of competition, it is a lot harder for your market share to accumulate as it did for Google and Microsoft. Yet, it is not impossible. Blockbuster was the undisputed king of the video rental scene until Netflix came to revolutionise the industry. The release of Instagram video put an end to popular social media network ‘Vine’. Even if companies don’t steal the majority market share, many still enter and make headway in their relevant sector. And the underlying reason for this might seem focused on technology, but in fact, it is a combination of effective technology and being different with it.

Be different

Companies who steal market share differ from their competitors, offering similar products from a fresh, new, more effective, and better-marketed perspective. And one of the easiest ways to achieve this is through the use of technology but in a way personalised to your business and the future desires of your customers. For example, a new challenger to the Amazon Kindle and the wider e-book industry is Hooked. They’re changing the way we think about e-books, changing the format from an electronic book to a chat fiction app. They tell stories through a series of chats or text messages. They took a concept and made it their own by creating a bespoke app which grew by 560% in just five months

Being unique with the way you use technology is the key to growing a brand that has the power and freshness to steal the market share from another. This differentiation, particularly in saturated sectors, is an effective strategy to become an industry leader.

At Createk, we create bespoke applications to showcase your individuality and creativity as a company while ensuring it improves your processes. We can help you grow your market share, all you need to do is contact us on 0330 995 0685.

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