How to increase market share in competitive markets
A high market share increases profitability and provides a competitive edge for companies.
how can you increase market share?
You need to innovate to stay relevant. Keep creating new products or new services or show customers how to use your existing products or services to overcome new and emerging challenges in your market. Many new technologies (Ai) can free up the time your people spend inputting and searching through systems; so your people can spend more time face-to-face with customers, armed with relevant and up to date information.
Build customer relationships with your major customers. Focus on those few customers who will make the biggest difference to your business and find ways to turn these customers into advocates for your business. Advocate customers will reduce churn which negatively impacts your market share. Building relationships with a chosen few customers will increase you share of wallet for each of these customers.
For new customers, market to a specific niche. Being specific with who you are targeting and the benefits for them, make standing out in a crowded marketplace a much easier job. As the cost of obtaining new customers is much higher than keeping existing customers - you need to be much smarter about how you spend you budget for maximum return. You can always add additional niches as you claim a higher market share for that market.
Increasing market share is a difficult task but well worth the effort required for building a successful sustainable business.