Solid State Lighting Market Share

For companies that want to position themselves in the Solid State Lighting (SSL) market, strategy for how to carve out a share of this highly competitive space is key. The first basic approach is to constantly focus on research and development (R&D), staying on the cutting edge of technological advances. Investing in innovation, companies can introduce SSL products with an improved level of energy efficiency along with better performance and more innovative features. The result? A larger share of the market to take home. R & D efforts also enable companies to keep up with the changing needs of consumers in an industry moving at full speed.
Product diversification is one way of differentiating themselves that companies can take in the SSL market. Companies can capture a larger market share by producing various types of SSL products to suit different applications, environments and consumer preferences. The goal of this strategy is to discern the special needs of different market segments and then adapt respective SSL solutions. For example, firms can develop dedicated SSL products for home use, the commercial and industrial sectors or even outdoors; this allows customers to choose from a variety of lighting solutions.
Companies in search of increased market share must carry out global expansion and market penetration as strategic imperatives. With SSL technologies gaining a foothold around the world, firms can plan to enter new geographic markets in order to catch newly emerging opportunities. This means that they have to understand local conditions, suit their products to local tastes and regulations and build up a powerful distribution system. Successful companies that are able to navigate the complicated landscape of global markets can offset lost customers and revenue streams, fortifying their market-share positioning.
Strategies centered around customer include better service, warranties and backup. These play a part in growing market share. A satisfied customer is less likely to buy again or recommend the brand, and bad word-of-mouth results in fewer customers. If companies emphasize customer satisfaction and loyalty, they can develop strong relationships. This will impact their market share positioning.