firstly you need to know what market share is all about
In very simple terms, market share is the number of loyal customers your business or company has been able to retain over a long period of time.
The key word in this definition is LOYAL.
Without this word loyal you can’t say you’ve got any market share. After all, a share of anything is that portion which you can confidently call your own by virtue of title. Meaning, you don’t own a share of something without an evidence or proof of ownership. In the business world, your proof of market share ownership is the number of repeat [loyal] customers patronizing your business per time. When it comes to market share, first time customers are irrelevant.
The criteria is not how many people who bought from you, but rather how many people regularly buy from you. The focus is on retention and not attraction alone. It’s about bringing them and keeping them. In other words, market share is about creating fans, followers, believers or addicts of your company, business, product or service.
These are not just people who buy from you, these are people have bought into you. Meaning, they have been converted from mere customers to disciples of all that your business represent. Your proof of ownership is their continuous patronage loyalty.
below are some steps to creating your own share of the market:
1.Differentiate your business:This simply means being able to clearly define the specific value creation process of your business and deciding the particular area you want to specialize on.So, creating your own share of your market begins by creating your own unique kind of value that is different from the general kind of value currently obtainable in the market. This simple distinction is what differentiating your business is all about. Its realizing that you all may be in the same industry or niche but don’t do business the same way.
You’ll find this distinction by breaking down the value creation process and deciding on which area to specialize on base on your core competencies and available resources.
2. Know your target customers:Every leader attracts their own kind of followers. That you are a leader doesn’t mean everyone is going to line up behind you, certainly not. So, it is your task as the leader to seek out your own kind of followers.
you can achieve this by:
By narrowing your search. This is what the term target customers mean. You have to be able to clearly describe the problems, needs, dreams, desires and aspirations of your ideal follower as a leader.
You cannot attract the right kind of followers you want for your business if they don’t know about your existence.
After all is said and done, it is the business, company, product or service that is known to the target customers that will gain a large market share. This is a very vital element of the steps needed to increase your business market share. It’s just common sense; people buy from those they know. So here is the question, how many people know about your business.
Like I said earlier, market share is a numbers game so it calls for a lot of marketing efforts from you. You have to constantly put your business, company, product or services in the public’s eye. If you operate on a local level you have to think going to the state level, from the state to the national level, from national to global.
below are some options needed to promote your business:
pany, product or service?
1. Social Media: The internet is fast becoming the world’s most populous domain. You cannot phantom the number of people and the number of hours spent online. So, if you are serious about promoting your business go online.
2. Branding: A brand is the difference between a business and a company. If all you are is a business then you are dead. People don’t become fans, followers, believers or addicts of businesses, they identify with companies.
3. Advertise, Advertise, Advertise: This speaks for you itself get all forms of advertisement, online, offline, newspaper, radio.