Three Ways You Can Inexpensively Increase Your Market Share Now!
Entrepreneur “what”exactly have you done or plan on doing in the next 90 days or less, to inexpensively and strategically increase your current market share? Of course your marketing budget is tight, when has that not ever been the case? And yes the additional new competition doesn’t necessarily help.
That being the case; unless you’re expecting a serious infusion of venture capital, (me neither), then the question begs asking; what’s your plan in the next 60 days or less, to strategically increase your long term market share? Based on your current marketing/ad budget and current customer/client base.
Three Ways To Inexpensively Increase Your Market Share Right Now!
(That Don’t Need To Cost You Any More Money And Or Resource Allocation!)
When you really start to micro focus your attention on strategically (not to mention) inexpensively building more market share, you start to see subtle ways to be more profitable!(Quick note: Quality products and services may indeed eventually lead to sales! But good old fashioned (hard core) “take no prisoners” customer service, usually leads to long term repeat customer/client loyalty!
And it’s repeat customers and clients that leads to more sales, low cost, high profit margin generating referrals and good old mouth watering, bank account filling testimonials!That said…
1.) Market share building strategy#one: Whenever you (and or your hopefully) well trained staff, is faced with a totally unsatisfied customer/client. Entrepreneur, make it your business and policy to effectively compensate (and make whole) dissatisfied customer and or clients on the spot!
You know the drill! Offer meaningful (social media buzz generating) upgrades, discounts, warranty extensions, verbally (and if need be) written apologies etc! In other words, do whatever’s necessary to make them feel whole! It’s so much cheaper (in the long run), than trying to replace them with another new customer or client! And you’ll become more profitable a whole lot faster!
2.) Market share building strategy#two: Entrepreneur, take areal close look at your current customer/client base. How many of them:
A.) Have kids under twelve and under or teenagers 13-19 etc.
B.) Or how many have spouses.
If it doesn’t make sense for you to target certain products or services to this particular segment of your customer/client base. Then by all means, do the next best thing! Get yourself a few local cross promotion/ joint venture partners and start passing out to your customers and clients their (meaning your JV partners) X% off -new customer only VIP -discount coupons!
3.) Market share building strategy#three: Start conducting some strategic ongoing competitive research! Try to discover, what the biggest complaints your competitors customers and clients have about their products or services.
And see if you’re currently equipped to effectively address them! Can you add some sort of relief, addition/extension and or viable advantage of any kind? Because if you can, you can easily add an additional 10-40% more gross profit to your bottom line in the next 90 day or less!
So are you up for strategically and inexpensively increasing your market share or not? Thought so.
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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