How can you identify and overcome threats to your software's market share?

If you are developing or selling enterprise software, you know how competitive and dynamic the market can be. You need to constantly monitor and adapt to the changing needs and preferences of your customers, as well as the actions and innovations of your rivals. In this article, we will explore how you can identify and overcome threats to your software's market share, and how you can leverage your strengths and opportunities to stand out from the crowd.

1 Assess your current position

The first step to protecting and growing your market share is to understand where you stand in relation to your competitors and your customers. You can use various tools and methods to conduct a comprehensive market analysis, such as SWOT, Porter's Five Forces, PESTEL, and Value Proposition Canvas. These will help you identify your software's strengths, weaknesses, opportunities, and threats, as well as the factors that influence your customers' buying decisions and satisfaction.

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Bradley Schagrin
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1). Have a Distribution Strategy. To increase Marketshare you will need the assistance of the reseller Community, and Distribution is key on this. You will be able to create lists pon where your Competitors are and who they are aligned with. 2). Think about a "Bundle" with another Product thus creating a unique solution. This is another way that Distribution can be invaluable

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Seth Gaul

T-Mobile for Government, Texas
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Promote partnerships with Value added resellers (VAR's) in your industry or complementary industries. Collaborative efforts can lead to expanded market reach, joint marketing initiatives, and access to new customer segments. Focus on Customer Retention: Retaining existing customers is often more cost-effective than acquiring new ones. Implement strategies to enhance customer loyalty, such as loyalty programs, exclusive features, or personalized customer engagement.

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2 Identify your key differentiators

Once you have a clear picture of your current position, you need to determine what makes your software unique and valuable to your customers. What are the features, benefits, and experiences that set you apart from your competitors? How do you communicate and deliver them to your target audience? How do you measure and improve them over time? Your key differentiators are the core of your competitive advantage, and you need to constantly reinforce and enhance them to retain and attract customers.

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Antonio Romeo

Presales Lead | Technologist | Cybersecurity & AI Enthusiast
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To pinpoint your key differentiators, follow the money: discern how your users could manage without your software or with a competitor's, and analyze the value it provides. If a feature adds value and isn't available elsewhere, include it in your "uniqueness list." Scrutinize your list to distinguish between easily replicable features and those that would require considerable effort to duplicate. For the former group, identify enhancements that could increase utility or reduce replicability. For the latter, devise a strategy to sustain your advantage over time.

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Adam Perks

Strategic Sales Leader | Partnerships & Alliances | Build, Transform, Grow | Business Innovator
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I like the ‘what happens if you do nothing’ question. If you can quantify the business impact of doing nothing vs doing something this will lead you to the outcomes your software can deliver.

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3 Monitor and anticipate trends

The enterprise software market is constantly evolving, and you need to stay on top of the latest trends and developments that affect your industry, your customers, and your competitors. You can use various sources of information and data, such as industry reports, customer feedback, social media, online reviews, and web analytics, to track and analyze the changes and opportunities in the market. You should also conduct regular competitor research, to identify their strengths, weaknesses, strategies, and innovations, and how they impact your market share.

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4 Adapt and innovate

Based on your market analysis and trend monitoring, you need to adapt and innovate your software to meet the changing needs and expectations of your customers, and to gain an edge over your competitors. You can use various techniques, such as agile development, user testing, feedback loops, and prototyping, to create and deliver software that is responsive, reliable, and relevant to your customers. You should also seek to create value-added features, services, or partnerships that enhance your software's functionality, usability, or accessibility.

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Pauline Passley

Trilingual | Top-Performing Solutions Expert | Driving Revenue Growth & Client Success | Key Account Advisor | SaaS Sales and Adoption | Customer Experience
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In my experience, Product roadmaps are all too often influenced by the "squeaky wheel" customers and "flashy" trends. Yet, great insights come from the most involved customers and the potential customers you lost. Create a space for them to give honest feedback about your feedback, to share their biggest frustrations and wishlist items. Then take that back to your SDR teams, what questions are they being asked that stumps their chance of having moving the lead to the demo stage? If you harness the power of this collective feedback between pre-Sales, Success and Product, you'll adapt and innovate faster than you think.

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5 Communicate and engage

Finally, you need to communicate and engage with your customers and prospects effectively and consistently, to build trust, loyalty, and advocacy. You can use various channels and platforms, such as email, social media, blogs, webinars, podcasts, and case studies, to showcase your software's value proposition, benefits, and differentiators. You should also provide excellent customer service, support, and education, to ensure your customers' satisfaction and retention. You should also encourage and reward referrals, testimonials, and reviews, to expand your reach and reputation.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you identify and overcome threats to your software's market share?

1

2

3

4

5

6

1 Assess your current position

2 Identify your key differentiators

3 Monitor and anticipate trends

4 Adapt and innovate

5 Communicate and engage

6 Here’s what else to consider

Enterprise Software

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How can you identify and overcome threats to your software's market share?

1

2

3

4

5

6

1 Assess your current position

2 Identify your key differentiators

3 Monitor and anticipate trends

4 Adapt and innovate

5 Communicate and engage

6 Here’s what else to consider

Enterprise Software

Rate this article

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