How to Grow Market Share

No matter what business you are conducting, you need to have a strong customer base to run it successfully. Most business objectives involve increasing the market share far more than other competitors in the same market. There are numerous ways to take a reasonable market share but all those methods will involve you to have a deep analysis of the market and keep your eyes open for the opportunities arising. You can snatch the market share from your competitors or can achieve abnormal growth rate to dominate all others. Rigorous market analysis, customer satisfaction and a well-planned marketing scheme will enable you to increase your market share. For the starters, you should analyse your existing customer base and make an attempt to increase sales to them, before moving on to attract more customers in the open market.

Instructions

  • 1

    Your sales department should be entrusted with the task to conduct regular surveys among the customers to know their demands, changing tastes or any complaints and deficiencies in your products. For conducting a successful business, you must have to satisfy your customer needs in all aspects.

  • 2

    Generate and extend customer loyalty and it can only be achieved if your customers are fully satisfied with your products. Customer loyalty is such a powerful thing that no matter a new competitor comes in the market, your loyal customers will feel reluctant to move towards him.

  • 3

    You should know the statistical data regarding the market you are operating in. Nielsen can be used to know the number of customers who are not using your products, their preferences, demographics and what products they are currently using. Nielsen charges an annual subscription fee but provides you with detailed analytical information to assist you increase the market share.

  • 4

    Conduct surveys to explore your potential new customers. You have to know about their taste, requirement, paying capacity and level of satisfaction with the products they are currently using. Design your products according to their needs and they will be automatically pulled to you.

  • 5

    A well-planned and well-directed marketing plan is one of the necessary features of a successful business. Use your analysis driven from surveys and Nielsen’s data to target the potential customers, encouraging them to become your customers for a higher degree of satisfaction.

  • 6

    Introducing incentive scheme to your sales personnel also encourages your labour to strive harder and increase market share. More committed your work force is to their tasks, greater are the chances for you to succeed.

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