Are you looking for ways to increase your market share? A professional business consultant can help you achieve your goal!
Owning a business is about more than just day-to-day business operations in your stores or online. To beat the competition, it’s important to consider the size of its growth and market share in the overall industry. When you focus on increasing market share, you are likely to produce more income and assist with your business’s longevity.
More than just trying to maintain market share, you should also work to capture or maintain market leadership, and this isn’t always easy. However, business consultants can help you in these areas.
Here are some marketing strategies and tips recommended by professional business consultants that can help you increase your market share.
Niche Marketing Strategy
You can improve your marketing strategy by employing a highly contextual and niche marketing approach. You will have to generate qualified leads from customers wanting to switch from competitors and convince non-participants to join the market.
Competitive Intelligence
Businesses should conduct a competitive analysis to understand why they are losing deals. You should perform a competitive gap analysis and use the insights to develop a go-to-market strategy and take market share from your competitors.
Product Marketing
Market and competitive research are important to improve your R&D and product development activities. This will help you to put a better product on the market but at a competitive price.
Sales Training
Business consultants can also educate the staff through a sales training program. The staff will learn how to increase their productivity and their inputs for the organization’s growth. They will also get better at identifying, persuading, and closing deals.
Contracting T&Cs
Businesses can also offer better terms and conditions (T&Cs) than their competitors. For example, if competitors ask for payment within 30 days, you can offer your customers 60-day payment terms.
Marketing/Pricing (Special offer)
You can create a special and limited time offer for customers to switch from your competitors or participate in the market.
Joint Technology / Collaboration Agreements
You can partner with your prospects or customers in joint R&D by locking them into your products because you share costs, profits, intellectual property, etc. This will also help you build stronger relationships with them.
Master Agreements
Master agreements simplify the contracting process. Businesses can lock customers into long-term contracts or reduce their negotiation costs by agreeing on T&Cs and pricing. They also offer discounts or rewards programs within the master agreement.
Final Words
If you feel you have reached the ceiling in your growth efforts or are worried that your market share isn’t enough, it’s time to call in a professional business consultant.
If you would like to discuss how you can increase your market share, contact us today!
