Every so often you hear about a tremendously successful mobile app and a vibrant new competitor entering the market to try to take some of its market share. Recently Google announced that it is going to introduce a new Internet music service dedicated to rivaling the similar service provided to mobile device users by Spotify and Pandora.
As a new market entry, Google stands to test out the proverbial waters of the mobile Internet radio and music streaming markets. With that said, however, and as you surely know, Google is a gigantic corporation that likely has the highest possibility of competing against, if not entirely taking over the market share majority.
In any instance where a newcomer is aiming to compete in a mobile app market, the other apps should brace for a full on fight for market share. If you believe there may be a new market entry ready to compete with your mobile app, here are some things you can do to prepare.
Don’t Let Them Get Settled
When strategizing for a newcomer to your market, the first thing you should aim to do is not let them get settled. This is the biggest mistake that many successful apps make. Once a new entry to your market gets settled, they are much more likely to stay and hold, if not continue to secure larger portions of the market share. Instead of allowing the newcomer to get situated, you should instead aim your marketing against their appeal to potential users.
What’s more, you should ensure that your app is either offered at a discounted rate, or unveils an exciting new feature upon the release of the new market entry. This way mobile device users will not only have to take notice of your counter offering, but they will also have to choose between your trusted app or the new market entry.
Do Not Relent
Another mistake that mobile apps make is letting a new competitor off the hook once they get settled in the market. Entering any market is hard to do, so for a mobile app to get settled takes a lot of determination by the app makers and probably some neglect by its competitors.
While the goal should be to not let a new market entry get settled, if they do, then your attention should shift to a relentless defense of your piece of the market share. This means maintaining your market presence and consumer outreach to support current app users, while impressing and attracting new users.
New competition in your app’s market can very easily put your entire company on edge and its financial future in serious jeopardy. In order to limit that possibility, the best method is to, first, not let your new competitor get settled in the industry. This means unleashing marketing and business development efforts against their entry, which will hopefully at least limit the portion of market share that they acquire.
Then, if you are still unsuccessful in rejecting them from the market, your next tactic should be to continue your relentless onslaught against their rise in the market and to even further limit the amount of market share your new competitor achieves. While it may not guarantee that you warn off any unwanted newcomers to your mobile app’s market, taking the aforementioned steps certainly can provide the best chance of putting up a solid defense.
This was a guest article from Jennifer Lewis.