Market share provides you with information about how you can stack up against your competitors. It enables you to run innovations for market expansion. If you want to enhance your overall sales and customer retention and see yourself as a market leader in the coming years, then you need to make informed marketing decisions.
Among the clutter of marketing advice, it’s daunting to pick the one that is worth executing. So, we are here to help you with these 5 ways to grab a huge market share for your business.
Identify Your Niche and Hang in There.
Figure out some specific features that can make your product stand out against your competitors. You can draw inspiration from Apple, the original brand, to understand how Apple’s sleek and premium quality permeate the entire suite of their products.
These distinguishing factors help customers identify your company among a plethora of others. It can be your logo, a unique tagline, distinct advertising methods, etc. If your product has both USP and high quality, then nothing can stop your brand from fetching an enormous market share. It makes your brand unrivaled.
Conduct Research on Your Direct Competitors.
Carry out full-blown market research about your competition, customers, and ongoing trends. It will assist you in identifying your own market position. You will get clarity on business strategies and the results they produce.
It will allow you to filter out the best tactics to implement to reap the most profit. Observing various competitors will help you identify their loopholes. Try to fill those gaps and attract their customers.
Never Give Up on Innovating.
To stay in the market for the long run, you need to keep innovating. Offer something new to your customers, as it’s easy to get bored with classic products in today’s tech-driven world. Apple keeps launching a new variant of the iPhone on the market, and people purchase it.
Google is next in the league of market giants that keep improving their user interfaces and algorithms. This ultimately made it the largest search engine, with the largest market share any brand could ever have.
Customer Engagement is the Key.
Successful businesses focus their marketing strategies entirely on their customers. As a result, they hold the largest market share. Conducting surveys on social media is one way to find out what your customers want.
You can also conduct interviews with your target customers to gather as much information as possible. Customer perceptions should be the basis of product designs, features, and updates. By nurturing customers’ loyalty, you can earn their trust and sow the seeds of word of mouth.
Focus on Acquisition.
When you are not able to compete with your rivals, it’s best to acquire them. You can look for smaller businesses in your niche that offer quality products and have the potential to grow. Try to negotiate with them, as it will help you extend your market share without putting in a lot of effort. However, acquiring another business often necessitates raising funds for your business to finance the purchase.
Microsoft used the same strategy and procured both LinkedIn and GitHub. This opened new gates for Microsoft in the social media and cloud OS spaces. Well, it does not mean you acquire the first company that comes your way. Only make positive contributions to your brand and tap into unexplored markets.
