How to grab your piece of the market share
“Start-ups and SMEs are continually battling to snatch a piece of the market share.” This has become somewhat of a generic statement because every entrepreneur knows it’s something needed, but is it fully understood? Let’s unpack what it actually means so that you have the practical knowledge to conceptualise and implement new/additional marketing strategies targeted to increase market share.
What is market share?
Market share is the percentage of total sales by a company in a specific industry. Therefore,
to increase market share means businesses must make a concerted effort to increase sales. This begs the question, ‘How can it be achieved?’
Tips to increase market share
1. Identify and leverage your unique selling proposition
What problem does your product/service solve? What does your business do that sets it apart from competitors? What are the characteristics that define your brand? You need to know the answers to these questions because it sets the brand-positioning scene in the marketplace. A variety of brand awareness and audience-targeting campaigns should be run so that you have objective supporting data on which to base future marketing strategies and business funding solutions.
2. Embrace changes in consumer behaviour
Every industry is dynamic, and businesses need to stay up to date with the latest trends and overall customer behaviour changes that happen over time organically. For example, the advances in mobile technology facilitating e-commerce have created certain expectations from customers: they want an easy to navigate, responsive website complete with a streamlined and secure payment portal. If your business can’t meet expectations, consumers will find another business that can satisfy their needs.
3. Personalised customer engagement
Customers are more than the tracking number on their parcel. By actively engaging with your audience, asking them what they want will foster a relationship, garnering trust and a loyal following. Remember, the balance of the brand-to-customer relationship has shifted into the latter’s hands. Social media platforms and review sites such as Hellopeter allow for transparent expression that can tarnish your brand if you mistreat your customer base.
4. Do your research
A quick Google search will reveal that there are many companies offering business funding solutions for start-ups. At the beginning of an entrepreneurial journey, should your business need funding, it’s optimal to look for companies with outstanding track records and that offer flexible terms to meet your requirements.
5. Don’t become complacent
The journey doesn’t end if you achieve a sizeable market share; it could be argued that the most challenging part awaits, sustaining your market share. Now, expectations will be higher than ever, meaning constant gathering, interpreting and analysing audience data is the priority.
To conclude, a larger market share can be seen as a double-edged sword. Yes, you may gain an advantage over competitors, strengthen your brand positioning and make more sales, which is obviously what you want. However, it also sets a new level of expectations from consumers that need to be met. Follow the above mentioned tips, don’t lose perspective or take shortcuts, and you’ll know that you’ve earned your share because of your stand-out entrepreneurial skills.