Originally posted on February 27, 2020 @ 5:04 pm
New Ways to Increase Your Share Market
Increasing your share market is an act that every small business can gain from. You obtain market shares by literally stealing business away from your direct competitors, thus making their piece of the market less, while your own gets larger. In order to accomplish this there are a few things you need to do:
Get to Know Your Direct Competitors
The bottom line with this tactic is to ask yourself two simple questions. If potential customers don’t make their purchases from your business, where do they go? When potential customers think about purchasing your product or service, what other businesses are they also thinking about and why? Direct competitors are defined as businesses that offer your potential customers a similar item and a reasonably priced alternative to the product you are selling.
Pay attention. That’s the key to increasing your share market. If you’re in retail sales, keep your eyes peeled. Your direct competitors aren’t some large retail store in Main; they are right under your very nose. Take note of the names on the shopping bags your potential customers are carrying as they walk by your store, or as you pass them on the streets. Listen closely and see which business names come up when your potential customers are debating about whether to purchase the product you are offering or another similar one. Even send out emails and do a little survey. As your customers and potential customers what your products are lacking and how they can be improved upon. Then take action.
Strengths and Weaknesses
Educate yourself concerning the strengths and weaknesses of your competitors. As recommended above, survey your customers. As them to tell you honestly what they think of your competitors. What they feel your store or products are lacking in comparison.
Also, visit the websites of your competitors. Go over them thoroughly and compare them to your own. Shop their stores too, or send your employees on a mission to sniff around and check out the competition for you. Find out about their customer service. How does it differ from what you offer your customers? What can you do to improve the way your customers are treated? Put yourself in your customer’s shoes and try to think like them as much as possible. Assess your competitor’s strengths and weaknesses and determine exactly what your business could do to capitalize on them and lure their customers over to your side of the fence.
Plus, once you have decided the steps you want to take, be prepared to stick with them long enough to determine if they work as you’d hoped or not. Then for the future, if you have achieved success with your business strategy, then continue to use it for your business to grow. If you are successful, this could get your business in the stock market. That’s when you know you are really on your way to future glory!
The one thing you have to remember when trying to raise your company’s share of the market is to focus on the obtaining the share of the market from the businesses that you are already losing customers to. While anticipating which companies will be a threat in the future is certainly important, for now, allow the priority to be taking the customers from your competition that is already harming your business. You have to start cutting them down to size or there’s no hope of ever growing your business to the point where it will be a major force in the stock market or anywhere else for that matter.
It can be upsetting that realizes that not only potential customers, but the customers you actually have might believe that your business simply isn’t sophisticated enough, or prestigious enough to satisfy their needs. But that’s all part of the learning process. You have to learn the good and bad about your business so that you can make the appropriate changes.
Make a List
Now this is an interesting strategy. Make a list of the companies who are now outselling you that you wish your business could be equal to. This doesn’t mean that you have to strive to be in the same ranks as a successful retailer in New York City. It means the local businesses that you see are surpassing you every day in customers and sales. What have they got that your company lacks? Find out and then incorporate that knowledge into your own game plan and use it to help your company grow and develop better.
Just because a company is your competitor doesn’t mean that it doesn’t have anything worthwhile to teach you. Taking a cue from a business whose success you admire and respect isn’t the same as helping a competitor. In fact, they never have to know about it, depending on what the changes you make are. It’s a wise move that will prove to be of tremendous help in boosting your business up the ladder toward success.
Candice is an experienced professional stock market trader and share market expert. Her advice is constantly sought in these areas and she had written numbers articles on these subjects.