Competition in the business world has never been more intense. Today, everyone is searching for the magic formula that will increase their website traffic and grow their business. In order to grow you need to learn how to increase market share by making your company stand out from the pack.
Take a complete audit of your business, from top to bottom. Take an honest look at what works, what doesn’t, what you do well, and what you could do better. By having a true assessment of where you stand, and a vision of where you want to go, you can begin to take the necessary steps to get there.
How to Increase Market Share
The key is to be able to immediately begin performing at a higher level to set your business apart from the competition. Here are some proactive steps to take to bring your business to the next level.
1. Know Yourself
The top brands in the world know themselves. They know both their strengths and weaknesses. They have an understanding of where they are, but more importantly the have a plan for the future. They understand how to increase market share and take steps daily to put their plans in motion. The only way to develop a strategy is to take a true audit of everything your company does, both positive and negative. Once you know, then you can grow!
2. Know Your Competition
How do they work, what do they do right? Do they offer anything that you don’t? How does their customer experience differ from yours? Understanding why customers choose your competitor over you allows you to recognize and fix holes in your business. Understanding their business can show you how to increase market share by improving yours.
3. Share Your Passion
Share the passion you have for what you do. Make sure you project a passionate caring attitude towards everyone you do business with. Let them know that you will do whatever it takes to earn their loyalty and their business. Passion is contagious.
4. Offer Consumers a “Unique Selling Experience”
Great companies, brands and websites do things differently than the rest. They offer their customers a unique experience that keeps them coming back. Your audit may uncover what it is that you do differently than your competitors that if properly marketed can set you apart from the competition. If you don’t have a unique selling proposition, create one!
5. Make It Easy to Find You, Contact You, and Buy From You
Create memorable visuals for you company logo and business cards. Be active on social media, offer expertise and information to potential customers. Make sure you post contact information, your cell number, and use existing customer testimonials to promote your business. Make your sales process more convenient and easier than your competitors.
To effectively learn how to increase market share, you first need to take a long hard look at your business, your market, and your competitors. By having an in depth understanding of your current place in your market, you will have a measurable way to know that your efforts are working. Offer value and solutions, be creative and innovative and most importantly, follow through. Keep a positive attitude and strive for excellence every day.