Friday, April 8, 2022

Build Larger Market Share


I Can Not Control Inflation
But I Can Build Market Share

Yes it happened again record inflation at 7.5%. I don't see that stopping anytime soon with too much money poured in the system over the last couple years. Add in supply line problems, wage hikes, covid and now the Ukraine and we have a real mess.

The point is when your business attracts more customers and orders, it’s on its way to becoming a solid successful company. But your overall strategy needs to be long-term. 

There are many ways you can take to increase market share, but you’ll lose in the long run if what your doing isn’t sustainable. When you work to increase market share, you need to make sure you can build on your past success and maintain your gained market share for years and build on your successes.

These steps will help you get there. If you’d rather speak with a me in person, you can reach me at 847-991-1294

1. Build a referral program

It takes a lot of time and effort to go beyond just getting new customers, which is one reason so many businesses use referral programs. In one service study, referrals were 18 percent more likely to stay with the company, and generated 16 percent more in profits.

Take advantage of these benefits and increase market share by implementing a referral program in your company.

However, when it comes to recommendations, you can do it anywhere, anytime, including on your website, social media and email. Ask for names and email addresses, and then contact these new leads. When you do, tell them how you got their name. Otherwise, your message may read like a cold call and discourage them from moving forward.

Some or your customers may be happy to provide you with referrals, but others may need nudge. Offer an incentive program for every new referral that places an order. At Larson & Associates we give back 5% of a referrals project back for as long as we keep the customer. Heck some of our print customers refer so many customers they get their program run for free. 

2. Increase engagement with customers

There are many studies that show a direct connection between customer engagement and customer loyalty. this is one of the reasons why social media has become a standard tool in most marketing programs to try to keep in touch. Does it work?

If you're trying to figure out how to increase market share online, increasing social engagement will help you maintain your current share and turn them from being just new customers into loyal buyers.

You can often communicate through social media and email. Regularly publishing new content on a blog on a regular basis and encourage customers to share and comment on it. Trying to make engagement part of the selling process. Send a survey after each order and ask customers for feedback about their next order, delivery and other issues. 

The Larson way is to call and talk to all our customers outside the heated discussions of a lead generation project to see what we can be doing differently or what they might need in project adjustment. 

3. Stay ahead of your competitors
Some of the largest companies in the world achieved their current positions because they offered something bigger or better. Others got there by offering the service of product first. Then there is you.

If you want to grow market share, make innovation a part of your marketing strategy.

Innovation can mean many things: new products, tailor-made solutions, service models or the introduction of real customer care. Look for forms of making you differ from those of other companies in your field by niching down and you’ll be seen as a leader and a company worth staying with over the long term because you know what their problems are even before they know what they are.

Innovation to meet customers' real needs is priceless. And if customers aren’t aware of the need, they become more open when it is revealed. This will keep customers around, but it will also help you increase market share online and offline.

4. Develop your unique position
Your market share is affected by several factors, including your ability to fill a need in a way no other company can. If you can negotiate a unique postion can stake out a unique nitch position 

In the market, define that position and execute whatever you have to negotiate to to maintain your current market share and increase it over the long term.

How do you define your positioning of your brand so far? Unique products and services are just the first step. It also requires your marketing team to create an individual brand tone of voice and brand personality—as well as a plan to communicate your new position at every opportunity.

Your brand encompasses everything that your business delivers to customers, making it it more attractive to new customers looking for the same type of experience.

5. Market to your niche audiences
This might seem like a bad idea if you’re trying to increase market share. After all, a niche market is smaller and more specialized. Sometime it is enough. Take it slow.  Lean your first niche completely. Go to the trade shows, join the linkedIn groups, become know in the niche and then. . .  if one niche is not enough — marketing to several niche markets can help you gain market share by developing larger footprints in smaller segments of the marketplace.

Suppose you sell accounting software. Many types of businesses want it, but they could buy it from dozens of other companies. Why would they want to buy it from your company?

With niche marketing strategy, you position it as a suitable product for local retailers, start-up businesses, food companies, print shops and service providers. Each market is small—but when combined, they create huge market and, indeed a larger market share for your business.

You could do all this yourself if you have the time and the talent or. . . 
    . . . call us because we live lead generation and growing market share!

 Telemarketing campaigns are a proven and cost-effective method for selling products and services to a large target audience.

Email Marketing: Email pretty much essential that you do. Email marketing has the highest impact on conversions for pretty much every marketing team. It nearly always results in profit and growth.

Direct Mail Marketing: Direct mail, junk mail (by its recipients), mailshot or admail (North America) letterbox drop or letterboxing (Australia) is the delivery of advertising material to recipients of postal mail. The delivery of advertising mail forms a large and growing service for many postal services, and direct-mail marketing forms a significant portion of the direct marketing industry. Some organizations attempt to help people opt out of receiving advertising mail, in many cases motivated by a concern over its negative environmental impact.

Social Media Marketing: Social media marketing is the use of social media platforms to connect with your audience to build your brand, increase sales, and drive website traffic. This involves publishing great content on your social media profiles, listening to and engaging your followers, analyzing your results, and running social media advertisements.

Content Marketing: Content marketing is the process of planning, creating, distributing, sharing, and publishing content via channels such as social media, blogs, websites, podcasts, apps, press releases, print publications, and more. The goal is to reach your target audience and increase brand awareness, sales, engagement, and loyalty.

We Make Good Businesses Great and Great Businesses Even Better
Larson & Associates
3475 Steeplechase Way    Suite 101
Grayslake IL 60030

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