Tips to Increase Your Market Share

Getting to grips with your market, and how to increase your share of that market is crucial to remaining viable during a recession. As a business owner, you don't just want to survive, you want to excel! So how can you position you and your business for success?

Validate Your Market!
Most business owners will have a full grasp of their offering... What it is that they do, and how they do it. They will also have a good idea of their market, and Who their customers are. But are they targeting their market properly? Are they achieving their full potential?

Domographics - The location of potential customers and can you deliver competitively? Does your offering provide the right solution for your potential customer? Are your prices competitive? There are numerous questions which you need to answer to ensure that you are targeting your market with the right message. Your business advisor will be able to help you with this.

What is the Size of your Market?
You must be realistic about this one. There may very well be a Global demand for widgets, with a value of billions... but considering the above, what is the size of the potential market for your widgets? By researching your market properly you can put an approximate figure on the value of your market. For example: Industry publications, registered accounts, etc., can give you a good indication.

The Competition - What is your Market Share?
Do you have a good idea of your market share. So how can you increase it? In these times, when the market appears to be suppressed, look at what your competitors are doing. Who are they doing business with? Is there anything they are doing that you are not?

Don't sit back and say, "There's no New business for us to go after!"... Your competitors customers are your targets. Approach them and ask them, "What do I need to do to take this business away from my competitor?" My experience is that this tactic works!

Your Customers Needs!
Remember that at all times "The Customer Is King". You must continuously evaluate your products and services to make sure that you are giving your customers real solutions with value for money. You must also re-evaluate your customers needs by seeking feedback on your offering, ensuring that you are making them aware that you want to always provide them with the right solution on an ongoing basis.

Be Realistic!
When deciding on your objectives within your market, you must always make sure that your targets are achievable. Anything else is setting yourself up for failure. You are never going to capture all of your market.... no harm in trying though.. if that is possible!

Note: Marketing is a dicipline which must be approached in a very structured way. There are many trained professionals available to work with you to put together your Marketing Strategy. Contact us for practical advice on this matter.

Read More?... The Sales Process, Improving Sales Performance.