Many business owners are facing the challenge of winning market share in a tough economy. The recession has hurt many businesses, forcing many to shut down as they experienced a rapid decline in sales and market share. With consumers spending less than they have in the past, businesses must now find creative ways not only to increase their sales in the short term, but also implement sustainable practices to ensure long term success.
Here are a few suggestions on how you can start winning market share in this tough economy.
Focus on your niche and ideal customer
Is your business clear on the needs of your niche market? Have you clearly identified your ideal customer profile? Spend time researching the needs of your market, along with identifying the needs of your ideal customer profile. Get to know their interests, purchasing habits, where they hang out, and what they like to buy. When you know your market inside-out, you can create and tailor your product or service that is a direct match to what your market needs, and design an effective marketing campaign that attracts them to your business.
Provide a strong value proposition
Competition is very stiff in a tough economy. People are often bombarded with advertising from all directions, so it’s sometimes tough to differentiate one company’s product or service from another company’s. With all the noise coming from advertising, it can be easy for customers to tune these messages out. And if your advertising is exactly what everyone else in your market is doing, chances are they’ll tune your message out as well.
Spend time understanding how your company or business differentiates itself from the competition. What kind of value can your company provide that sets you apart from your competitors? Why should your customers care about you instead of another company that offers a similar product or service? What makes you unique?
Your answers to these questions should speak to your niche market and ideal customer. In a world where people seem to have shorter attention spans, prospects and customers will have an easier time remembering you when you project a clear value proposition that addresses their needs.
Create your own market
Instead of trying to compete aggressively against everyone else to gain market share, why not create your own market? When Cirque du Solei first started, they knew they did not want to compete in the circus market, nor did they want to compete in the theatre market. Both of these markets were highly competitive and saturated.
Instead, they created something unique and remarkable by integrating aspects of both the circus and theatre markets. By doing so, they created a new market, which targeted adults who enjoyed both the stunts you would find in a circus and the drama you would find in theatre. By creating this new market, they enjoy a virtually competition-free market, and they can focus entirely on providing something that is remarkable for their audience. So get creative, and start thinking of some under-served market that could use your product or service.
Focus on excellence and deliver at high standards
Take very good care of your current customers, and focus on delivering results that are above and beyond their expectations. With so many competing companies offering similar products or services, it’s easy for a customer to jump ship to a competitor if they encounter a bad experience with your business. Not only will you potentially lose a customer, but you also run the risk of these customers telling their peers about their negative experience.
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