One of your biggest challenges as a business owner lies in outperforming the competition to increase your market share. Here are some tips on how to do this:
- Know your competitors – you should follows all their advertising campaigns and get copies of their brochures to make sure you are familiar with their key selling points.
- Market your specialty – Find out what your company offers that is different from all of your competitors and build a marketing campaign around this central theme.
- Identify new markets – If you market you are targeting is already quite well serviced, try a new one. You may need to tweak your original products to stimulate sales from new customers or launch a new media campaign to target them.
- Add value – Rather than cutting prices to compete with other players in your market, offer additional value that will tempt your customers.
- Know your customers – You must, at all times, know what your customers want. Their needs change on a whim, so introduce ways of regularly getting their feedback.
- Ask for the business – Set up an ongoing marketing programme targeting existing and potential clients.