What do Amazon, Google, Facebook, and Apple have in common?
Sure, they have lots in common, but the one thing that stands out is they are the dominant leaders in their respective industries. Amazon is dominating eCommerce, Google is the king of search, Facebook is the master of social media, and Apple is the leading Force in the smartphone business.
Do you want to grow your business into an industry leader? Your business has every potential to be the Google of your industry, but it takes hard work and expertise.
While we can’t do much about hard work (that’s a personal decision), we can do a lot about improving your expertise and know-how. In this article, we’re sharing effective tips you can use to build an industry-leading business.
It All Begins with Your Product/Service
If you look at those companies, as well as many other industry-leading organizations, you’ll learn that they offer ground-breaking products or services. They might not be the pioneers in their industries, but their offerings changed the world.
Google broke into the search engine space when people were starting to turn to the internet for information. At about the same time, Apple saw a need to make this access to information easier and invented the iPhone.
The gist of this is the kind of product or service you offer will go a long way in determining whether your business will become an industry leader. If it’s a ground-breaking product that solves a real problem or fills a real market gap, your business will start out on a solid footing. But if it’s a generic, run-off-the-mill offering that doesn’t provide any real value, you’ll have a hard time building the business into a leading force.
Your Choice of Niche
You’re planning to start a business. You invest in market research to identify the best niche.
Did you know your choice of niche will have a profound effect on your business’s chances of success? If you chose a crowded niche with fierce competition, standing out from the pack will be difficult. But if you choose a niche that’s just developing or even carve out your own niche, you’ll have one leg up.
So, if your aim is to build a business into an industry leader, lay the right foundation during startup. Choose a niche that will give you every chance to succeed.
The Founder’s Pedigree
Why are Tesla and SpaceX so popular?
Yes, both companies are offering innovative products that can change the world, but they also have one thing a common: Elon Musk.
Musk co-founded both companies, and he is one of the reasons these companies are succeeding. It’s not particularly because of his individual fame, but his pedigree as an inventor and entrepreneur. Every company where he is a founder or co-founder usually has a great start.
What’s your own pedigree?
While your company will be an independent institution, your target audience will always want to know the pedigree of the people behind it. If you’ve already established yourself as an industry expert or thought leader, people will associate your company with your stature. They will easily build trust in your products and services.
This isn’t to say a “nobody” can’t start a business and transform it into an industry leader. Even Steve Jobs was relatively unknown when he first stood on that stage to introduce the first iPhone. But with a well-established individual reputation, your work will be easier.
What’s Your Mission?
Running a business without a mission is like trying to fill a broken bottle with water. You can’t achieve anything.
What’s your business’s mission statement?
A mission statement fleshes out your business’ goals and objectives. If these things resonate with your target audience, you’ll be well on your way to building a business that can become an industry leader.
Win the Online Battle
With the vast majority of Americans regularly using the internet, your company must have a solid online presence.
But how do you build this presence? Having a business website and social media accounts is a good place to start, but that’s barely scratching the surface.
Dominating the web requires you to invest in an effective digital marketing strategy that goes beyond search engine optimization and social media marketing. You have to invest in paid advertising as well.
Your competitors aren’t slacking on this, so you need to up the game.
Hiring an experienced digital marketing agency is a step in the right direction. It’s costs money, sure, but it will give you the best chance of winning the online battle.
You want your company’s name and website to show up first on search engines when people enter keywords or phrases that are related to what you do. An agency will help you pull this off.
These pros will audit your site, identify gaps, and implement the right digital strategies. If your website needs an SEO boost, for instance, they will refresh the design and make a good homepage backlink profile. This is what search engines want to see.
Attend Industry Events
In your personal capacity, you certainly attend trade fairs, conferences, and other events in your industry. How about your business?
If you answered no, it’s high time you started ensuring your business attends industry events. Setting up a trade booth in an event, for instance, can greatly improve your company’s offline visibility. The more visible it is, the greater its chances of becoming an industry leader.
You Can Turn Your Business Into an Industry Leader
Make no mistake. Turning any business into an industry leader is no easy job. The task requires hard work, patience, and expertise. With this guide, you now know some of the strategies you can use to build your business into a force to be reckoned with in your industry.