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Every business dreams of growth. In essence, it is every entrepreneur’s dream to establish authority in their market and run successful companies like Apple, Nar’s, or Netflix and the likes. Well, getting to a point where your business can generate and control a percentage of the total sales in the industry is not a walk in the park. Although it takes time and effort, it is a worthwhile venture. All you have to do is find strategies that will enable you to make more sales and increase your share in the industry. Learn some of the ways below.
Find your niche and stick to it
When thinking about market share, try to answer this question”, What is the one thing that sets you apart from your competitors.” If you do not have a “seller aspect” or unique characteristics in your products, you might want to pause and think. It would help if you created a brand that speaks for itself. One that a mark on your product translates to sales. Luckily, this is achievable if you identify your space and grow it. The good bit about defining your market is that it increases brand visibility, reduces competition, and enhances customer relationships.
Invest in customer experience
Any business that focuses on customer experience can reduce churn and increase revenue, leading to higher profits. It’s simple. If you want to increase your market share, investing in customer experience is not an option. Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience. A simple way to go about this is by listening to your customers’ needs and ideas. If you can create something they want and value, chances are they will keep buying from you. Who knows your next excellent product launch might come from a customer’s idea. Always keep in mind that your customer is your greatest asset. A happy customer equals a happy business
Use effective marketing strategies
As we noted earlier, one way of increasing your market share is by increasing your customer base. To increase your customer base, you will need to do some good marketing. In essence, you will have to find ways that new people can learn about your products, their usage, and their value. Try to combine both traditional and new media to increase brand awareness. You can look into growth marketing techniques and cross-promotion solutions that could help grow your business. The good part about using techniques such as cross-promotion is that it not only involves promoting your business on new platforms but also venturing into new territories to boost sales.
Other marketing techniques to try:
- Use referral programs
- Leverage on social media. You can engage your customers through twitter, create content on Facebook, and share creative downloadable materials on Pinterest.
- Learn how to use discounts and promo codes. Create coupons that target cart abandoners. Another great way to offer discounts is to create bundle deals for your customers.
- Webinars and podcasts will come in handy.
Another great way to increase your market share is through mergers or acquisitions. You might have seen how Facebook acquired other businesses like Instagram and Whatsapp. You can leverage that technique as well to grow your brand. There are likely businesses within your niche that will be willing to sell out. As long as the competitor business aligns with your products and services, you can consider buying them. However, you need to be very cautious by doing some background check before diving in. In fact, involve experts to help with the process.
Be creative! Keep innovating
To gain market share, you must establish authority in your field. To establish authority, you have to stay on top of your competitor by continually innovating. Do your research, find out the current trends, spot new ventures, or new solutions that would impact your customers. You can only gain a larger market if you have a broad customer base. Well, to reach a broader audience, you must have a unique product that cannot be ignored.
Simple ways to go about innovation:
- You could improve or replace business processes to increase efficiency and productivity
- Develop entirely new and improved products and services to meet rapidly changing customer demands or needs.
- Add value to existing products, services, or markets to differentiate the business from its competitors.
Increasing your market share is a big move. It means you are thinking of establishing yourself as an authority in the market. With every big business move, a lot of research and time goes into it to ensure you achieve the most out of it. While many other great strategies can help increase your market share, the above should set you on the right path.