Steps to Management Success – Step 64: Corner the Uncontested Market

Written By Rick Frishman Published April 1st, 2010

STEP SIXTY-FOUR

Corner the Uncontested Market

Very few companies sell services or products that are truly unique. However, if you’re offering the only product of its kind being sold in a store (or any sales channel), it has the clear advantages of being more distinctive in its setting by virtue of the fact that it is not competing with any similar type of product. It is, in effect, a “micromonopoly”—an uncontested market.

WHAT IT MEANS: Let’s say you manufacture an elegant line of pocket knives. You sell pocket knives into all the markets that your competition does—in drugstores and hardware stores, in catalogs, and on your own Web site. What if you could introduce your pocket knives into a retail channel where no pocket knives have been sold before—a convenience store, perhaps, or jewelry stores?

ACTION PLAN: Bring your notebook with you for an entire week as you visit various retail stores. Look at what’s being sold and offered. Can you conceive of any place that might make sense as an uncontested market? For example, you might consider selling sunglasses in a tennis or golf shop—or in fashion boutiques. You might be able to sell books on tennis (or a tennis video) to that tennis shop. Or in-store monogramming equipment. Or . . . ?

EVEN BETTER: Be on the lookout for products and services in uncontested markets wherever you go. You may be quite surprised at how many things are available outside their normal retail channels. And it could help you establish some brave, new, and—for the moment—competition-free sales possibilities of your own.

(Excerpted from: 10 Clowns Don’t Make a Circus. . . and 249 Other Critical Management Success Strategies by Steven Schragis and Rick Frishman)


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