- A Nexel Discussion Thread
Our mind is like a toolbox, there’s a space to store only three things for express recall. As a business, every brand tries to reach that level of relevance in its space. This Wednesday we had discussion on Market leadership in our Nexel Facebook community. We learned that a real market leader is on top of
the mind as well as the first choice of customers. But the answer can be different for every customer.
While Sourabh Goyal believes that market leadership is any brand which is leading the market, Pia Singh and Parushuram Safari thinks that it is defined as per customer. If majority of customers perceives a brand as most trustable and reachable then clearly that brand has the market leadership. He gave an example of redmi. It is leading the world with advanced features at affordable price range. While on the other hand Samsung is loosing their customers to Redmi and other brands because of their higher prices.
However, Amit Pandey added that Premium brands like Apple makes more money by not serving at affordable prices. He thinks market leadership is not only limited to customer satisfaction but is defined by thought process, serving the best to customer. Market leadership is also determined by the revenue a brand is generating. For e.g, a supplier for Maruti that just thrives on repeat business may never grow as much as global venture
Aarti Ahuja has another viewpoint on this. According to her,the first product that entered the market and has also evolved with the customer can be considered as market leaders. They retain their loyal customer base while creating a first player benefit in the pie share of that industry. She gave example of Godrej almirah and how people still relate to steel almirahs with Godrej.
Suresh Balachandar gave more importance to thought leadership to Market Leadership. For him Market leader is the one who educates the problems of the market in simple terms and establishes himself as an authority to solve that problem. Market leader has a very rare and valuable skill through which he solves problems of masses and also educates them about the problem and solution that he is offering.
According to Dr. Prantosh Banerjee, Professor from IIM Calcutta, A Market Leader is a market leader because their products deliver highest Customer Perceived Value (CPV) to the largest sub-group of customers purchasing a product category. Customer’s perceived value is the value perceived by the customer on the cost of experiencing the product/service.