8 Ways to Increase your Market Share to grow your Business
A structured approach for Mature, Growth & Frontier markets to enable you to grow your business – the best way possible !!!
Marketing Strategies for:
A. Mature Markets, 1. Re-Design, 2. Development, 3. Target,
B. Growth Markets, 4. New Channel, 5. Extension,
C. Frontier Markets, 6. New Market, 7. Expansion, 8. Competition
Market Share is a key challenge to growing your Business is to find new paths to greater revenue by building upon your core strengths without making a radical shift in the way you currently do business. There are ways in which you can build a steady flow of revenue and profits to help your business reach significant long-term value as you expand your comfort zone. Here are 9 strategies for increasing your sales, revenue & profits using existing (or sometimes new or improved) product or services in current markets, growth markets, & new markets
A. Marketing strategies for Mature markets. These strategies provide opportunities to increase Market Share in short-term sales targets.
- Product Re-Design. You may need to enhance your product to meet additional needs of customers and boost the overall value proposition of your offering.
- New Product Development. If sales of your current product line languish, you may need to replace exiting or extend your product line.
- Targeted Marketing. Different groups of people can profit in unique ways from using your content. Communicate directly with potential customers to remind or inform them of how well your product or services can benefit them in some way.
B. Marketing strategies for Growth Markets.
Some market segments offer long-term opportunities to increase category revenue & capture market share. These strategies may require moderate customer education & distribution chain modifications.
- New Channel Creation. If you do not have trade distribution or if your distributor does not reach non-traditional markets, your objective becomes building parallel distribution & sales channels to penetrate new segments. This might entail partnering with a wholesaler, finding Sales Reps.
- Distribution Extension. Instead of distributing your product to your typical market, get creative and think of ways to expand your distribution to other channels. Your existing distributor may already have access to these markes, so your objective becomes expanding to existing, non-traditional channels that can quickly and easily reach more customers.
- New Business-Model development. Seek sales to non-typical buyers such as those in corporations, associations, and government agencies. Since there is no existing distribution to these segments your business model must be adapted to sell directly to these buyers.
C. Marketing strategies for Frontier Markets
provide long-term opportunities to increase Market Share and drive revenue growth in new segments. Customer education may be necessary + you may need new distribution partners.
- New Market creation. Focus on the beneficial Values of your product and how others might benefit from using it. Brain-storm with your Team, consult your Advisor/s and/or Mentors for new markets to move into.
- Market Expansion. You may be adequately serving a segment now, but there could be ways to mine additional sales in the same segment. Brain-storm with your Team, consult your Advisor/s and/or Mentors for new markets to move into.
- Overcome Competition. It may be difficult to go head-to-head with a market leader in a new “niche”, based on content or price. Employ a “flanker” strategy by creating a unique Value proposition, or through brand or service extensions.
Quotes on Market Share
“Focus on the core problem your business solves, put out lots of good content and don’t spare your passion, Clearly state how your idea solves that problem to gain Market Share.”
“My goal is to spark pride within the Customer that s/he made the right decision in choosing us. This will allow us to gain more Market Share”
“I put the word out thru Social Media and use it as an idea generator, trend mapper and strategic compass for my business – to determine what my Market Share is doing.”
“Good communication always has an objective. It’s created with intent. It therefore carries triggers to action that which will help you grow your Market Share.”
“Social Media will help you build up loyalty of your current customers to the point that they will willingly, to tell others about you – which will increase your Market Snare.”
“Content-based Marketing gets repeated in Social Media and increases word-of-mouth mentions. It’s the best way to generate “buzz” about your product to expand your Market Share.”
“People want to do business with you, because you help them get what they want. They’ll tell others and you may go “viral”. It’s bound to help the Market Share”
Comments: Do you have any examples intended to stimulate your creative thinking. They are not mutually exclusive so you may adopt several opportunities simultaneously. Take a portfolio approach to your business, implementing each concept as it fits your skills, mission, manageability, and potential for return.
from Book Business 01 Nov 14 enhanced by Peter/CXO Wiz4biz
For more Info, click on Market Share, Target Market.