6 ways of steering clear of the doom and gloom and improving your market share.
- Keep existing clients loyal. Gaining additional business form existing clients cost far less than developing business from new sources. Whilst it’s still important to develop new clients, it’s absolutely critical to keep the clients you have, building on the work you already provide. Build loyalty through excellent service, proactive advice and rewarding/recognising their business.
- Partnering. Identify other industries or professional sectors. Look to groups or associations that match your target audience and create partnerships that give value to both parties. Strengthen that relationship by creating promotional material to reinforce that message.
- Be Opportunistic. Make your business visible to new markets. Analyse where paying customers come from and focus investment in those areas. Create clever promotional and marketing material to complement these new markets and seek to make an impact to grow this business.
- Continue Advertising. Companies often make the mistake of cutting back on all areas of their business when times are slow. Branding should be a continual commitment to grow awareness and recognition of your company image; call to action marketing should be employed when you have a value proposition worth telling the market of.
- Improve Market Share. The hard work that you expel now to grow market share will grow with the market as it improves. As the market increases, you will have a larger piece of a growing pie than what you have today.
- Word of Mouth. Put simply, happy customers telling their friends/family about the positive experience they had with your brand. With the continual growth of online social networking, this has accelerated the spreading of good (and bad) experiences. By making exceptional customer service a reality (not a pipe dream), you are on your way. Reward your clients with a branded item of use or strong perceived value and you will help build stronger client relationships and ultimately better word of mouth advertising.