Rise or fall – That’s the only focus of a small business, no matter the economic climate.
Every business has a reasonable amount of jitters when it comes to determining successful marketing strategies. In addition to that, there tends to be one question most start-up owners can’t seem to figure out: how to increase market share.
Market share refers to the fraction of a market occupied by an organization or a company. In simpler words, a company’s market share is its entire sales concerning the industry’s sales in which it operates.
Skyrocketing your market share makes it easier for you to achieve your customer satisfaction goals and enhance your business’s other aspects.
From amplified revenue to significant brand appeal, there’s no negating the fact that expanding your market share has its perks, particularly for growing businesses.
So how can your small business maximize its market share, though? With the following strategies, you can make the most out of your marketplace.
1. Know your market
Marketing your business under the delusion that “anyone” can buy from you is a significant mistake. Large enterprises may be able to appeal to the entire market, but you know what they say in the business world, “the riches are in the niches.”
A niche is where you will have the most advantage as a start-up company. And to develop a place and appeal to consumers within the niche, you must comprehend their problems, priorities, and pains.
Large organizations have ample funds to research their target audience. As a small business venture, you can approach and get to know your target market more tactfully by inviting them to business events.
Whether it’s a product launch event or trade event, consumers and stakeholders will flock in if you widely market the event.
If your goal is to mingle, mix, and dig up opportunities, hosting events gives you a reason to meet prospective buyers and exhibit the benefits and quality of your business.
And if you’re company is based in Singapore, you’re in even more luck. The Executive Centre offers rental event venue and spaces in Singapore for companies to host various events. You can invite your partners, stakeholders, and clients to connect with you and your company.
While you’re at it, know what activates your buyers. It will help you craft lucrative market expansion strategies.
2. Differentiate your services or products
To obtain greater control of your audience, you must know how to build an X factor that separates your brand from others.
Whether your business is of food delivery, perfumes, or gluten-free pizza, you must offer your audience a reason to opt for you. So, ensure to provide value to customers, not just products/services.
Gaining greater control and brand loyalty over the market means building an innovative marketing scheme that highlights why your small business is worth considering.
And while your opponents may offer a similar service or product, your company should offer something unique that no other can provide.
This strategy doesn’t imply that you need to reinvent your services or products completely. Sometimes, an innovative and unique marketing campaign or exceptional pricing suffice to appeal to audiences.
3. Keep track of marketing trends
Your audience will never be the same – which means your marketing plan can’t remain the same either.
While some strategies and tactics may have helped you gain more clients in the past, it is essential to watch for changing customer behavior and preferences.
If you monitor customer buying habits and, your company will be in a better position to increase market share.
Think about how your competitors reach out to their consumers and identify how they are changing their marketing gimmicks.
While it may have been helpful to reach clients via billboard ads or direct mail in the past, digital marketing is a viable approach in today’s dynamic era.
Therefore, brainstorm the latest digital marketing trends that will help you maximize your market share. With such tactics in mind, you will discover that the best way to increase your market share is to adapt to your audience’s preferences.
4. Keep innovating
To continue expanding your market share, you need technology – new and advanced technology. Apple is the best example. The iPhone logo practically stands for lustrous design and innovation, and it continually releases products with the same integrity.
Another great example is Google and its ever-evolving search algorithms to meet users’ needs and improve results.
Product development is a significant priority when it comes to increasing market share. And even if a product itself does not change, you can still modernize. Consider Starbucks for a change and how their marketing constantly gathers new levels of attention to various seasonal trends.
So, it’s plain to see that there’s always a way to revolutionize things; you need to discover it.
5. Add benefits, incentives, and discounts.
Here, you will want to review your present pricing structure and equate it with your competitors.
Coupons, extra benefits, or discounts can offer additional reasons for customers to buy from you.
In e-commerce, for instance, organizations that provide free shipping generally have leverage, even if it means adding products to your cart to satisfy the minimum. That said, find your canniness and make the most of it.
6. Strengthen your organizational culture
To have a higher market share, building a culture that reflects your marketing goals is imperative.
That begins at the top level of the business hierarchy. When a business executive decides on a market tactic, they should exercise scope by prioritizing those market goals.
Executives shouldn’t ask their workforce to test or explore opportunities that lie outside the target audience. If anything, they should supervise by example for the entire organization and stay laser-focused on their goals at hand.
Small business owners may struggle with this – particularly those who love to try new things and innovate.
Large businesses always start small, so don’t drown yourself in misery if you aren’t noticing results right away. You probably have a long way to go, but any steps you make will have a massive impact on your small business.
There are countless ways to beat the competition, but market share is one of the greatest and most effective. In addition to better revenues, it also yields attention, engagement, and greater loyalty.
With the tips above on how to increase market share for small businesses, you’ll be on your way to building an ascendable business.