As a business owner, you’re always on the lookout for fresh opportunities, no matter
how successful your company is. But the more time you spend sitting around
wondering how to seize these opportunities, there are competitors out there who are
already acquiring your potential clients.
At the same time, the market is evolving. This indicates that the age-old sales tactics
are not as successful anymore. You have to embrace new strategies for growing your
market share as per the evolving needs of the customers.
How to Grow Market Share:
Step 1: Determine Your Current Market Share
Your market share is the proportion of the whole market that you control. In other
words, it represents your share of your sector's overall sales. Market share can be
divided into two categories: value and volume. While volume market share is
determined by units, value market share is determined by revenue.
By dividing the total revenue in your industry over a given time period by the revenue
of your company over the same time period, you can calculate your value market
share. Similarly, if you take the number of units that you sold and compare it to the
total sales of units of that product, you’ll get your volume market share.
Step 2: Solidify Your Brand Identity
People are better able to recognise your company's products amongst a line of
similar-looking items when you have a distinctive brand character. What qualities
make your business stand out from the crowd? For instance, think of the Apple logo.
You'll have a better chance of finding a bigger market share to seize if your business can establish a recognisable brand identity while also producing better-quality
products or services than the competitors.
Step 3: Find new ways to connect with your customers; get personal
In the world of digital media, connecting with your customers one-to-one has
become easier than before. It is imperative that businesses capture this opportunity to
communicate with their customers. Find where your customers congregate,
understand their pain points on a one-to-one level and be a part of their journey.
Step 4: Turn latent demand into new prospects
The best way to create momentum in your business is to tap into the untapped market.
Find new ways to connect with your potential customers, create a fan following for your product/service and increase your brand recognition. Get your sales team to not only focus on the active demand but also on the latent demand and find new ways to reach potential customers.
Step 5: End the guesswork, hire a coach
Numerous firms have reduced their workforces as a result of the recent economic turmoil. Businesses are being forced to do more with less now that markets are growing, such as generating 20% more revenue with 20% fewer employees. You must balance your resources with the level of demand if you want to increase your market
A business coach can help you take charge of these uncertainties while making an
effective strategy for growing your market share. Business coaches are industry
experts who understand businesses from the inside out. Working with a coach can
help you understand your current standing in the market, identify your niche and
expand your market share in the best manner possible.
Every day, you have a number of opportunities at hand to not just maintain but gain
market share. As the business owner, you have to understand the value that a strong
market share offers to the continued success of your business.