How to Acquire Significant Market Share
Jumping into the marketplace isn’t the simplest of decisions for any business. Any business considering this tactic should carefully review a variety of key factors, and as corporate management training dictates, every detail is essential for determining the plan which is to be undertaken in the pursuit of additional market share. Such choices as when, where – and what degree of expense, are all pivotal factors in the potential success or failure of any business enterprise.
The key to this understanding is that when making a move for market share, strive to be in the limelight – so everyone, potential customers and competitors alike, can’t avoid your presence even if they tried. You should be aggressive in your approach, which can easily be measured by the time, money and effort put into your advertising, sales promotion, publicity and public relations, introductory offers and discounts, etc. The businesses which are able to differentiate themselves from their competitors are the real champions of their industry, and they are, without doubt, the market leaders. They also usually sustain concentrated customer attention and specific privileges above and beyond everyone else in their chosen industry.
The following activities can be initiated by a business to make their presence felt in the market:
- Differentiated Products and Services – The products or services which are displayed by a business should be differentiated from the products or services displayed by their competition. It may be in terms of technology, design, packaging, the appearance or anything else, but the product or service should have a distinct image in the minds of the customers.
- Customer Focused Advertising – Advertising is an important and effective means of reaching out to your potential customers. Television, radio, internet, mobile phones and print media are the common advertising tools used in today’s world. This advertising should be customer and market targeted. The intensity of this advertising and how many people it will reach usually depends entirely upon the budget allocated.
- Customer Relationship – Customers are the most important aspect of any business, and the aim of all businesses is to reach out to these customers in the most effective manner – as efficiently as possible. The principals of business coaching state that the essence of marketing is to build long term relationships with as many customers as can be reached, and with better pre-sale and after sales service, a business can provide quality support to the activities of every customer, thereby ensuring long term relationships and repeat business.
- Introductory Offers and Schemes – It’s very important at the time of entering a market that a business should use introductory offers, rebates, discounts and schemes to stimulate customers toward purchasing products and services.
- Extensive Warranties and Guarantees – Almost every customer will prefer a product that carries some kind of warranty or guarantee. If new products are associated with some form of extensive warranty or guarantee, most customers will feel that the company is responsible for their product, and therefore a “smart buy”.
Alan Gillies is the Managing Director of the L2L Group. He specialises in delivering Executive Coaching, Training and Consultancy Services to International Businesses across the World. Want to discover more about these insightful business building success strategies? Get Alan’s essential FREE Business Pack today!
This entry was posted on Sunday, August 30th, 2009 at 11:53 pm and is filed under Marketing and Advertising. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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