Whenever you are contemplating opening your own business, you need to figure out your place in the market for your particular industry. There are four different strategies that organizations take to establish their presence. You could decide to be a market leader, challenger, or follower, or carve out your own niche segment.
- Market leaders have to stay current on technology and invest heavily in research, development, and new product design. Taking this approach is often expensive, and requires large amounts of money to maintain current customer bases, attract new customers from competitors, and expand the market. Frequently, companies taking this approach rely on different types of commercial loan programs available through Commercial Lending Corporation.
- Market challengers also require substantial funding because they are attempting to take customers and market shares away from the leaders. They can choose to go head-to-head with their competitors, or take an indirect approach, such as investing heavily in new product design and developing a new product well ahead of the market leader. Challengers also secure financing through Commercial Lending Corporation to ensure they have the required money needed for going up against their main competitors.
- The follower strategy is used by those businesses that sit back and let the leaders and challengers go at it. Basically, their products and technology are a little behind the others in their area, but are often offered at discounted rates because they have perfected the ability to mass produce these products.
- The fourth strategy is where a business finds its own niche within the market, and establishes its presence with a unique product, service, or price.
Operating businesses using any of these four strategies requires commercial loans, though the programs and amounts you seek could be slightly different.
Tagged: Commercial Lending Corporation