- I then think of what I believe is becoming the irrelevance of market share. Jack Welch, management guru and long-time CEO of General Electric, aimed to be the #1 or #2 in every market GE played in. But is this still relevant? If the idea is to create your own market, then surely one should aim to have 100% of the market, all the time?
- All of this then leads me to think of the concept of target market. Surely, if the aim is to create a market, and own 100% of that market, then one should be absolutely specific in how you define that market. The target market must be so well defined, so specific and so precisely, that you can literally laser focus your attention on it.
With this in mind, I want to propose the following:
- Testing for market attractiveness should involve exploring uncharted waters. There should be no Nielsen figures for where you want to go. It must be totally new.
- Aim to define your target market so specifically and in so much detail, that only you can take aim at that market. Only you must be able to satisfy that particular market need.
My view is that we are entering a new age of 100% market share. An age where it’s about having no competition because the target market has no room for anyone else.
I believe we are entering a new age where the aim should be to monopolise your target market!