How to Dominate Smaller Markets and Become Number One in Your Industry

Name: How to Dominate Smaller Markets and Become Number One in Your Industry
Uploaded: 2024-07-09T13:03:11+00:00
Duration: 32 s
Channel: Jason M. Lemkin
Description: In this segment of a presentation on market‑entry and growth strategy, the speaker explains that the core rule for entering any market is the confidence…

9 Jul 2024 · 1 min

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In this segment of a presentation on market‑entry and growth strategy, the speaker explains that the core rule for entering any market is the confidence that the company can become the #1 player there. Market selection is driven by timing and the ability to dominate, not merely to participate. The speaker cites the experience management platform space—covering customer experience, brand experience, and employee experience—as a current focus where they aim to be the market leader. They note that the employee‑experience sector has seen about $10 billion in acquisitions, and that the company has already built unicorns in both the customer‑experience and employee‑experience segments, underscoring their track record of creating market‑leading products.

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How do you know when to stick with these smaller markets and dominate it versus move across this chart? It's a timing thing. We always had a goal that whatever market we were going into, we wanted to be number one at. We wouldn't go into the market if we didn't think we could be number one. That's the question, be number one. If you look at what we're doing right now with the experience management platform, customer experience, we believe we're going to be number one. We believe we are. Brand experience, measuring people's brands. Employee experience, there's been $10 billion in acquisitions in that space. We're kicking butt. We've already created a unicorn in both customer and employee. And then product.