Your company cannot grow unless you develop specific strategies to acquire more market shares. There are different approaches that can be used to get more market shares and it is important to set some specific goals in terms of sales and outreach. You also need to use analytics to monitor your progress and to accurately assess what percentage of your market you currently control. Here are the top five ways to boost market presence.
Offer Something Your Competitors Don’t Have
One of the best ways to boost market presence is to target the consumers who might not be entirely satisfied by what your competitors are offering. You can achieve this by offering more shopping options, for instance by adding more products, more colors or more sizes to your inventory. Even small things like offering coupons, discount codes, flash sales or freebies can make a difference. Consider organizing a contest since shoppers will be more likely to choose your products if they can get a chance to win a prize.
Focus On What Your Competitors Are Missing
Some market shares are easier to gain than others. Look at the marketing strategies used by your competitors and ask yourself if there is anything that they are missing out. You could, for instance, gain more market share by opening a new location in an area where your competitors are not present. You could generate more sale by offering free in-store pick-up for online orders or simply target some niches that your competitors are not including in their marketing campaigns. Doing market research should help you identify some niches that your competitors are not reaching out to.
Look For Ways To Stand Out
You can gain market shares by finding a way to stand out from the crowd. Shoppers will be more likely to think about your brand and to choose your products if you can establish a strong identity. You can achieve this by using story telling techniques on social media, creating a YouTube channel for your brand, organizing events and by working on developing an image and tone that your target audience will relate to. Branding is important because it can help you win market shares even if your competitors have been around for longer or have better prices. You also need to establish some core values and missions for your brand and base everything you do on your identity as a brand. You could for instance make being more environmentally conscious one of your missions and find an eco-friendly way to package and ship your products. Shoppers who care about the values you support will be more likely to choose your brand.
Develop A Strong Relationship With Your Audience
Shoppers will be likely to keep buying products from you if they have a good experience when shopping on your site or in your stores. They will also be more likely to make repeat purchases if you stay in touch with them. You can build a strong relationship with your audience by always offering impeccable customer service. Answer questions and complaints in a timely manner and issue refunds or replace products right away to avoid disappointing customers. You should also use Internet marketing to stay in touch with potential leads or with shoppers. Social media is a great way to build relationships with your audience, but you can also use promotional emails or launch a newsletter. A blog that is regularly updated is another interesting way to keep your audience up to date.
Get Help From Influencers
You can gain more market shares by getting help from influencers. Determine which personalities and local influencers your target audience looks up to and get help from these people. A simple shootout on social media can go a long way, but you can get even better results by getting these people to participate in local events organized by your brand. You should also consider giving out some products for free to influencers with a large social media following. The best way to get help from influencers really varies from one industry to another. For instance, a clothing brand can benefit from getting athletes or influential bloggers to wear their clothes and accessories while a software company would benefit from being mentioned at a professional conference by an authority in their field.
These five ways to boost market presence will help you gain more market shares. You need to adapt these strategies in function of the target audience you want to reach out and in function of the products or services you offer. Define some clear strategies and set some goals that should be reached before a deadline to take a more concrete approach to developing your market presence. Use analytics to measure your progress and to look for ways to improve your existing strategies.