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Strategy for overtaking entrenched competitors

When a competitor is entrenched in a given market what strategy(s) would you recommend for taking market share? - by AZBroker
When a competitor is entrenched in a given market what strategy(s) would you recommend for taking market share?
What entrenches them? Where are they weak? Where are you strong? What is the current attitude of the "given market"? What beliefs do you share with the "given market"? Who is going to take the leadership role in "taking" market share?

Combined with adaptability, your strategy exists in answer to those questions. - by Gary Boye
What entrenches them? Where are they weak? Where are you strong? What is the current attitude of the "given market"? What beliefs do you share with the "given market"? Who is going to take the leadership role in "taking" market share?

Combined with adaptability, your strategy exists in answer to those questions.
We resale residential real estate so I'll use that as an example.

There are some neighborhoods within the community where a given real estate agent has dominant market share. The market is currently hot so listings are selling very well and sellers are happy campers and spreading the word. This word of mouth advertising combined with an aggressive marketing campaign has proven difficult for many agents to overcome when trying to crack the market.

Any ideas? - by AZBroker
We resale residential real estate so I'll use that as an example.

There are some neighborhoods within the community where a given real estate agent has dominant market share. The market is currently hot so listings are selling very well and sellers are happy campers and spreading the word. This word of mouth advertising combined with an aggressive marketing campaign has proven difficult for many agents to overcome when trying to crack the market.
Any ideas?
None.

I see how they are entrenched, and you've revealed the happy camper attitude of the market. Their strengths appear to be a compounding budget for advertising and a word-of mouth residual benefit from an increasing client base.

Where is their weakness? What beliefs do you share with that market? And who will lead a campaign to grab some of their market share? Will it be you?

If you are really intent on formulating a plan to go after them, I think it would be impossible to be successful without assessing all of the areas I mentioned. Right now, that strong competitor seems to have a lot of momentum. I promise you that they can only lose that momentum as a result of their own vulnerability--not because of something you do.

I don't know the real estate business, but I will guess that the weakness of the competitor will be found somewhere in the experience they create for their customers. It is very rare to find it any place else. - by Gary Boye
Where is their weakness? What beliefs do you share with that market? And who will lead a campaign to grab some of their market share? Will it be you?
I don't currently perceive a weakness. Of course, they do not offer discounted fees. That could be perceived as a weakness I guess.

As for shared beliefs, what beliefs are you referring to?

Individual agents are responsible for their own production. Each agent would have to head his/her own campaign for building market share. - by AZBroker
I don't currently perceive a weakness. Of course, they do not offer discounted fees. That could be perceived as a weakness I guess.

As for shared beliefs, what beliefs are you referring to?

Individual agents are responsible for their own production. Each agent would have to head his/her own campaign for building market share.
How many individual agents are you responsible for--or have a vested interest in?

What shared beliefs? Start any place you want--as long as they are not trivial. I'm serious. But--back to my question--how many agents? The answer has to be either just you--or--more. I don't care about the number--it's not my business. - by Gary Boye
How many individual agents are you responsible for--or have a vested interest in?
Because I work for the brokerage I have a vested interested in all of the employees.

What shared beliefs? Start any place you want--as long as they are not trivial. I'm serious.
I'm not sure I understand. I'm sure that the the market and the agents share the belief that the real estate industry is still booming. Is that the kind of belief you're referring to? - by AZBroker
[quote=AZBroker]Because I work for the brokerage I have a vested interested in all of the employees.
QUOTE]

Then either you will lead or someone above you will lead--not the agents. Who do you prefer to lead--you or someone above? The answer will be one more of the five factors that will determine your success. Either is acceptable--but you need to think about it and choose who is best.

We'll address the shared beliefs later--so hold that thought. I've got two appointments. Believe it or not--I sell too. - by Gary Boye
Then either you will lead or someone above you will lead--not the agents. Who do you prefer to lead--you or someone above? The answer will be one more of the five factors that will determine your success. Either is acceptable--but you need to think about it and choose who is best.
Gary, the real estate agents at our brokerage are independent businessmen and businesswomen. They call their own shots. - by AZBroker
Gary, the real estate agents at our brokerage are independent businessmen and businesswomen. They call their own shots.
Then you are in no position to formulate a strategy for them. They can do that by themselves, but inasmuch as they will all probably use different strategies as independents, making significant advances in market share against such a strong competitor would be almost impossible unless that competitor makes some horrendous mistakes. An exception would be if one of these independent agents creates a strong infrastructure for his/herself and is able to