Gaining Market Share
Diversifying is important when it comes to gaining market share. It doesn’t matter if you have wonderful products or services if people don’t buy them! You need to get information out there and encourage consumers to buy from you! Establishing your brand and being recognized as an expert they can rely on will make a difference.
Consumers are careful about where they spend their money. With these 13 methods, you can create a strategy to gain more market share. Being aware of consumer needs, the steps your competitors are taking, and other details will help you create a wonderful reputation and get noticed. This is going to turn those in your niche market into a loyal customer base!
1. Quality Marketing
You only get one chance to make a wonderful first impression. The quality of your marketing is vital for you to connect with them. If they don’t see your business as professional, they won’t take you seriously. They will worry about the products or services you offer aren’t good enough. This could sway them in the direction of one of your competitors.
Identify your niche audience so your marketing can appeal to them. If your audience is too broad, you won’t be able to evoke a positive emotional response from them. You want them to be excited about a product or service you offer. They need to see the benefits for them. The purchase should offer them convenience. It may save them money or time. It may be a way for them to get organised or to relax.
2. Diversify Your Marketing
Different consumers respond to different types of marketing. Do your best to diversify where you are offering it and how. They may need to see the message several times before they are on the hook to complete a purchase. The initial contact may plant the seed and then they look into it further later on.
Your marketing should have a way to get people to follow you or to opt-in. Think about what you can offer to encourage them to do so. When you have such connections and a consumer base, you can turn many of them into buyers. Avoid buying lists of names, the hidden gem is to create a list you can count on to promote your products and services.
You can create autoresponders for those on your list. One list should be for those that have not made a purchase. You can encourage them to do so through the messages you send. Perhaps you will send them a coupon for a discount or free shipping to get them to make that first order. Your second list should be those who have already purchased from you.
Hosting regular email marketing campaigns reminds them of what you offer. Don’t forget to reward them with discounts and exclusive offers. You can entice them to make future purchases with loyalty programs. They can also be the first to get the chance to buy any new products or services you introduce in the future.
3. Social Media Presence
Your marketing needs to include various social media outlets. Most consumers use social media platforms at least once per day. Others use multiple sources, so put your information out there on all of them. Don’t just duplicate the content; make sure you have something original to offer with each effort of outreach. Make sure your efforts include:
4. Get on the Top Page of Search Engines
Your marketing efforts need to include SEO (Search Engine Optimization) practices. Your goal should be reaching the top page of the search engines. Once you are on that page, strive for the top spot! Many consumers use search engines every single day to find what they are looking for. When they enter something relating to your products or services, you need to be one of the first results they see.
Such consumers will click on results and make a decision soon afterwards. If your website is several pages deep with a search, they aren’t going to get to it. They will either find what they are looking for and buy it or change their keywords and search again. Make sure you use variations of keywords and phrases your niche audience will likely put into the search engines.
5. Quality Content
Add fresh content regularly for your business. This will help your exposure and be seen as an expert on various topics. At the same time, it helps you to boost your rankings in the search engines. Material needs to flow naturally, not be written only for SEO purposes. All of your webpages also need to be optimized. Make sure the content is carefully read to eliminate any spelling or grammar errors. They will reflect poorly on your business.
Your content shouldn’t always be sales-oriented. Instead, it should be sharing information. When you go this route, the reader doesn’t feel any pressure to buy what you offer. They will be inclined to check it out though because they found the content to be informative. Get new ideas for fresh content from customer questions and feedback. There is a wealth of information to be found when you listen to what they have to say!
Do your research and know the facts! Never assume the information you found online is accurate. You need readers to trust the information you offer. Avoid content that is controversial as it could cause some consumers to avoid buying from you. Try to address issues they face during that point in time.
Depending on what you offer, there may be seasonal topics that come up. For example, you can create content with a checklist of what they need to do to be ready for winter. They will appreciate such information and be inclined to read more of what you have out there.
They will also see you as a business they can trust. That trust helps to encourage them to buy from you. The content needs to be accurate and from an authoritative point of view. They should have no reason to question what you shared.
6. Connect with your Niche Audience
Connecting with your niche audience helps you to understand their current wants and needs. It also helps you to avoid common mistakes your competitors are making. When you read complaints from followers, think about what your business can do to resolve that issue. Consumers like to know they are being heard and their opinion matters. They want to know you care about more than just the money they spend.
Identify the demographics of your niche audience. Where do they reside? What is their typical household like? How much is their median income? Do they face challenges? What solutions are they after? The more you research this, the more you can narrow it down. This allows you to create unique marketing and content to appeal to them.
Engage with customers through your social media accounts. Keep it fun, keep it informative, and keep it professional. This human aspect of your business will make a difference. It can also serve as a way for customers to ask questions or provide you with any concerns they may have. When you address their issues, they will be impressed. They will enjoy the way your business pays attention to them!
7. Give Back
Do what you can to give back to your community or other worthy causes. Your niche audience will see this and like your contributions. Many will support a business that does what they can to give back to others. Small changes such as being eco-friendly where you can or donating a portion of purchases to a given cause for a period of time can get them to make that first purchase.
They will feel good ordering from a business doing what they can to help others. It is a winning outcome for them too. They get the satisfaction of helping through their purchase and they also gain value from the product or service they selected.
Giving back in such a matter helps you to create your business reputation and promote your brand. Consumers take notice of the businesses doing their part to make the world a better place. They also notice those that seem to only be interested in lining their pockets with more money. So how do you get the message out there about what you are doing?
Many businesses are afraid to vocalize how they give back. They don’t want to toot their own horn so to speak. It can be done tastefully and in a way that shares the message with your niche audience. For example, share you are excited to be able to donate X amount of money to a particular cause and why it is important to you.
Another option is to share the cause you support and let potential customers know they have the opportunity to help. This is because a portion of all new sales for a given period of time will be donated for that particular cause. Such information gets the message out there but doesn’t give the impression you are doing anything more than sharing relevant information.
The mission and vision of your business should shine through with your contributions and selected entities.
8. Identify Competitors and what they Engage in
While being focused on your own business is essential, don’t overlook what is taking place with your competitors.
What do they offer that brings them part of the market share? What have they done to gain new customers? How do they encourage customer loyalty and repeat business from previous customers? Identify your competitors and make sure they aren’t doing something that causes you to have less value in the eyes of your shared consumer niche.
Strive to be a leader and not a follower, your niche audience will notice. Do what you can to help resolve issues for them before your competitors can. Create a buzz about new concepts or promotions coming up. Never bash your competitors, but make it easy enough for potential buyers to see you are the best option when they make comparisons.
At the minimum, you should match what your competitors have in place. If they offer free shipping try to do that also. If they have great promotions for the holidays, extend something similar to keep your niche audience on the hook. The goal though should be to offer something beyond what they offer. This can be what tips the scales in your favour when the customer decides who they will buy from.
9. Fair Price for a Quality Product or Service
The overall value of the product or service you offer will influence the reputation of your business. While every business does what they can to reduce overhead, you have to be selective of those reductions. Never cut corners on overall quality to save a bit of money. It will cost you customers in the long run.
Your pricing should be competitive, but also fair. In some instances, you may wish to have a lower price than your competitors or match it. In other niches, the perceived value of a product or service may encourage you to charge more. This is because some consumers believe paying more means there has to be better quality with what is delivered. Conduct plenty of research to get your price on target.
10. Professional Website
All of your marketing efforts and content are designed with one purpose, to drive potential customers to your website. Don’t drop the ball by not making it a great place for them to visit! The layout should be easy on the eyes and simple for them to navigate. They should be able to find your products or services, a description of them, and any current offers.
Anchor links within your website materials are encouraged. When a reader clicks on one, they can be taken to a place for more information. This link will take them to a relevant page such as an order page or where they can get more information on a given topic. Make sure your links work and they are strategically placed to offer the most benefit to your website visitors.
Make sure the website is functional. It should be tested regularly. If it is down, that can cost you sales. The speed of the website is important too. If it lags, consumers get impatient and they may not complete their intended purchase because of it.
11. Easy Ordering Process
Consumers want the ordering process to be easy for them. Offer them a secure site so they don’t have to worry about their payment method being compromised. Offer them choices for payment so they can select the choice that is most convenient for them. When they don’t have to spend too much time to get through the order process, they will appreciate it and complete the purchase.
They should get an immediate confirmation for the order. Don’t leave them guessing about whether it went through or not. This can be frustrating for them, and they will have to get in touch with you. Some consumers will place more than one order if they don’t get a confirmation, and then they will be upset they have multiple charges. Stay on top of that order process and make sure it works properly from start to finish.
12. Warranty and Special Offers
Stand apart from your competitors by going above and beyond. Entice customers to buy from you rather than them with the perks. This can include a generous warranty or special offers. With a warranty make sure you give details about the timeframe and what all it includes.
For a special offer, share the extras they get. This can include a discounted price or additional items for free. The special offer should be time-sensitive to get them to order immediately.
13. Outstanding Customer Service
Customers need to know you are there for them before, during, and after a purchase. Excellent customer service goes a long way in proving this to them. They are more likely to buy from a business with plenty of great reviews from customers about how well they were treated.
Make sure your company can be reached online and by phone. Make sure you have friendly representatives in place to help them with questions, with orders, and to resolve issues.
Your efforts to increase market share need to continue to evolve. Develop methods to gather data and analyze it regularly. Methods that work well for you today may not be as powerful a month from now. Changes in your competitors, changes in the economy, and emerging technology can all play a role in your success. Being flexible and modifying your strategy will help you to continue to see the gains you seek!
Each of these 13 ways to gain market share can help you get closer and closer to your goals. They can help you create a strategy that gets the attention of your niche audience, encourages them to buy from you, and makes them repeat customers in the future. Their feedback and word of mouth to others can help you continue to see your business grow and to have longevity!