Increase Your Business's Market Share With These 3 Tips

Monday, March 19, 2018

Increase Your Business's Market Share With These 3 Tips

Want to increase your business's market share? In a free market economy, there's always competition between businesses offering the same or similar products. This isn't necessarily bad as it encourages businesses to improve their products and differentiate themselves from their competitors.

If you're losing customers to your competitors, though, you should consider the following tips to increase your business's market share.

1 Innovate and Adapt to Change

Innovation and the ability to adapt to change are essential to your business's long-term success. According to a survey cited by BusinessNewsDaily, 90 percent of upper-level executives say the success of their business is directly influenced by their ability to create new, better products. Since releasing its first iPhone in 2007, for instance, Apple has released more than a dozen new models. If Apple called its smartphone project quits after the first-generation model, it probably wouldn't be the powerhouse tech company that it is today.

Adapting to change is equally as important as innovating. While no two markets are the same, all markets change and evolve over time. Using the same smartphone example previously mentioned, successful mobile manufacturers like Apple have adapted their products to meet the new generation of wireless communications standard. In December 2009, 4G was rolled out as the successor to the 3G standard. Companies that ignored this market change and continued to produce 3G smartphone were eventually weeded out by their competitors.

2 Seek Feedback From Customers

You can also increase your business's market share by seeking feedback from customers. As explained by Forbes, feedback provides insight into what your customers like and dislike, which you can use to improve your products. Many sellers on Amazon send emails to their customers, asking if they enjoyed their product. Whether you sell products on Amazon or elsewhere, though, you should consider seeking feedback from your customers.

If you sell products on your business's website, you can send customers a post-purchase satisfaction email. Something as simple as a "Rate your purchase on a scale from one to 10," will help you understand your customers' disposition towards your business and its products. Alternatively, you can call customers to seek their input over the phone. Either way, feedback is invaluable in helping your business improve its products and increase its market share.

Customer Feedback

3 Use the Right Tools

Finally, don't underestimate the importance of using the right tools in your business's operations. A customer relationship management (CRM) solution is an essential tool that can help streamline many of your business's operations. Among other things, it allows you to manage your prospects and customers, automate email follow ups, track purchases and set up a sales funnel. Best of all, some CRM solutions are even free to use. The best free CRM solution will provide a higher level of utility than many paid solutions, allowing you to use your business's capital on other expenses like advertising or hiring new talent.

You can also use a project management app like Trello to collaborate on projects with other executives or workers. This web-based app allows you to create projects and assign specific users to those projects. Users can then log in to the app from any internet-connected computer or device to access the project. To put the popularity of Trello into perspective, it has more than 1.1 million daily users and was even listed as one of the "coolest startups" by Wired magazine.

Market share is a key metric of a business's success. Regardless of what your business sells, you should seek to capture the highest percentage of its respective market. The tips outlined here are just a few ways to increase your business's market share.

By  Carol Evenson Embed

Author Bio - Carol Evenson is a corporate trainer and experienced business consultant. She specializes in team management and growth hacking.


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