Increasing your market share is one of the best ways to gauge if you’re doing something right in your business. This article will offer tips on how you can regain and eventually increase your company’s market share.
Increasing your market share is simply the percentage a company has in the overall market. It’s an indicator of a business’ success and can be measured by a company’s total sales over a particular time period. The total sales of the industry to which it belongs over that period
A lot of businesses have been badly hurt during the pandemic and they’ve been struggling to regain market share ever since. There are ways how you can increase your market share that you can start right now.
Enriching Customer Relationship
A good relationship with your customers is one of the best ways to protect and increase your existing market share. By enriching customer relationships, you protect your existing market share and prevent loyal customers from taking their business to a competitor.
In addition, happy customers become brand ambassadors and they can help introduce your business to their network. Eventually, word of mouth will be a tool you can utilize in your marketing efforts without even spending a dime.
Crafting Your Unique Position
A major factor in market share that creates a big impact is a company’s ability to address a need in a way that uniquely belongs to them. This is the reason why many businesses spend time, money, and effort to craft an effective Unique Sales Position.
So how can you create an effective unique position? It starts by determining that one unique factor that sets you apart from your competitors. Once you have that, your marketing team can then develop your own distinct look, tone of voice, and brand personality.
This helps with your market shares since it can keep your customers loyal at the same time, attract new ones.
Innovate
If you want to stay ahead of the game and have a consistent increase in market share, innovation is your best bet. Innovation simply means getting ahead of your competitors and dominating your market.
There are many forms to show innovation. Some of which are: new products, customized solutions, customer support, and offering freebies to your customers.
A simple gesture like providing a sanitation station in your salons or restaurants or giving away free towels and wipes in your clinic or spa will be remembered by your customers.
These are just some key points and there are a lot more ways to increase your market share. You can also try lowering your prices (if applicable) and market to a niche audience since they are the ones who have the capacity to be loyal customers.
Here at oshiklenz, we’re always on the lookout to help businesses provide the best service to their customers. If you happen to own a restaurant, clinic, or spa and need a steady supply of hot towels and disinfecting wipes we’ll be happy to assist you.
We offer hassle-free service and you only have to call us one time to schedule. We will supply your orders based on your specifications consistently. Call us at (+61) 2 9533 2211 to talk with a representative or email info@oshiklenz.com.au.