If you want to become Best in Market What do you do

This is the transcription of the podcast I had with Dr. Eric Reidenbach, creator of the 5Cs of Driving Market Share and founder of the Six Sigma Marketing Institute. If you want to become Best in Market, how would you start? Dr. Reidenbach responded,

So the first step in all of this is to identify those key product markets that represent opportunities for growth for the manufacturer. This is going to require rethinking about the way they do business, in many respects, because many manufacturers are very product focused, very product oriented. They think in terms of product features. They don’t think in terms of markets. They don’t think in terms of market opportunities per se. They don’t understand markets. Most importantly, they don’t really understand value.

Value in terms of how that market defines value. That is absolutely critical in the new manufacturing paradigm. They’re going to have to become value engines in the future if they’re going to achieve any kind of dominance in the global markets. This means that they’re going to have to develop the technologies to identify specific product markets, to prioritize them. Which are the ones that are most important to them? Which offer the manufacturer the best opportunity for growth and for future performance?

Once they’ve identified these particular product markets, and they’ve been able to prioritize them and there may be three, four, five or even six. I’ve got a client for example that has identified over 100 product markets, based upon their product line offerings and the markets that they serve. But only really about 10 of those product markets represent superior growth options for them.

More thoughts inside!

Applying Six Sigma to become Best in Market eBook

The Six Sigma Marketing Institute is dedicated to the advancement and deployment of Six Sigma Marketing. A new program has just been released 5Cs of Driving Market Share by Six Sigma Marketing Institute and can be found at http://DrivingMarketShare.com. The Five Cs of Driving Market Share serves as the template for organizations needing to change from a customer satisfaction focus to a customer value focus. It has been deployed in a number of Fortune 100 and Fortune 500 companies and has produced positive market share growth (Disclaimer: I worked with Dr. Reidenbach in developing this program).