We’ve all heard the marketing analogy that all customers in the market for your product
can be summed up as a pie, with all competitors in the same field having a slice of this pie. Whilst it casts a very easy mental image of what’s being conveyed, this kind of talk rarely tells businesses ‘how to grow their share’ (or slice if you prefer).
The nature of the world we live in allows for market share to change within a matter of hours. The winners out of this market continue to be the businesses that have a strong and positive brand association, plus are aggressive or unique in the way they promote their offer/business. The nature of the market also means that strong performing brands don’t always stay that way when neglected.
Putting some effort into building your brand and growing (or stealing) market share is hugely important, especially in a flat or declining market. Customers tend to be open to new suppliers and by actively looking to grow your business, you can make a real impact. Advertising is certainly part of this process, but also consider new customer incentives, gifts with purchase and loyalty rewards to grow your customer base (and keep it!).
Look at how your business is portrayed, ensure you are casting a positive message that customers can relate to and get on board with.
Present this message to market, along with a logical selling message to grow market share.
Attract happy , long term customers through a positive buying experience and rewarding them for their purchase.
Often businesses can find a specific feature of their product/service that they can use to entice new business. For example phone and car manufacturers will use a key feature that acts as a unique selling point. Professional service providers will often mention a guarantee or service or outcome. Whatever the message may be, ensure it is clear, concise and something that is coveted by the general public.
Bottom line is to view market share as a challenge to get as larger piece as you can, whilst maintaining that quality of service, because if you aren’t looking after your customers, guaranteed there are other businesses waiting in line to.
If you require ideas on how to achieve growth in your brand value, simply contact our team to discuss ideas relevant for your business.