When you start losing market share, it's really tough to gain it back; you need the product portfolio and presence in many markets.
Sentiment: NEGATIVE
We don't want to abandon any of the market we have now. We just want to gain new market.
When you improve your product so it does the customer's job better, then you gain market share.
I am the largest market shareholder of clothing in the U.K. and I am not a destination shop for food. If the clothing market is affected - and it has been - and I hold my market share mathematically, then fine, I am doing no worse than the market is doing, which is exactly the case, but I'm losing revenue.
You've got to figure out how you're going to come in and significantly impact and redefine a market such that you become a market share leader in it.
If you're saving for the long run, it's actually a good thing when the market is down because the more shares you have, the more you can potentially make when markets rise. And over time - decades, not months - the markets rise more than they fall.
You have no control over the market. You can't predict where it will go, and you can't bring it back from the depths. What you can do is save more. Make sure you have cash on hand - an emergency fund of at least six months of expenses.
It's not about market share. If you have a successful company, you will get your market share. But to get a successful company, what do you have to have? The same metrics of success that your customer does.
The trick is, a market has to be nonexistent when you start. If the market is large early on, you will have too many competitors. You have to make it large.
To succeed at selling a losing product, you must develop seriously superior sales techniques. In addition, you have to be massively competitive and incredibly hungry to survive in that environment.
We want to make as big a market as we can with our current product.
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